Bitcoin and Ethereum’s prices have apparently picked up, as the world’s most popular and valuable cryptocurrencies have seen significant increases in value over the weekend. As reported by CoinDesk, Bitcoin climbed 5%, and on Monday morning opened over the $ 22,000 limit for the first time since the June carnage-causing crash (to a value of 34%). Ethereum, which is of particular interest to anyone looking at a GPU upgrade, yielded even higher gains, reaching a 20% increase over the same period – it is now trading at $ 1,479.
The cryptocurrency market crash in June occurred when the market fell further in “Extreme fear“indicator, and reaches one of the lowest values ever at six points, according to Crypto-fear and greed index. Following the recent increase in investor confidence over the past week, the same index is now at twenty points.
There are some likely catalysts for the price rise this weekend. On Friday, Bank of America said it saw “continued signs of fading sales pressure” in crypto, “Over the past two weeks, the market value of digital assets has fallen 4% versus 30% over the previous four weeks,” Alkesh said Shah and team in the patch.
“When the market begins to react positively to negative news, this is a signal that a local bottom may be in for now, as fears may have led to the news being priced in,” GlobalBlocks Marcus Sotiriou said Monday morning, still noting the Fed. -hawkeskap. in the face of ugly inflation headlines continues.
Another important element is Ethereum’s progress at a snail’s pace against The Merge, the cryptocurrency’s transition from the Proof of Work consensus mechanism to the more energy efficient Proof of Stake. Expectations of a successful merger in September – which have been strengthened by positive results in Ethereum’s test network – are largely credited for the strong performance of the cryptocurrency. The strong price already caused a short-term liquidation event worth $ 230 million, as investors aiming to reduce the Ethereum price (bears) lost their bets against those heading for higher market prices (bulls).
Those who hoped that the crypto “mania” would face its downfall under current market conditions were also met with another high-profile remark that foresaw their resilience. Speaking during a meeting with G20 financial officials, Hong Kong Monetary Authority (HKMA) CEO Eddie Yue said that cryptocurrencies in general and the Decentralized Finance (DeFi) sector in particular will continue to play an important role in the financial sector – to despite such carnage. -like moments like the Luna crash and the fall of not-so-decentralized lenders like the Celsius Network. But of course it does not provide much relief for the many investors who have seen their investments disappear into thin air in both of these events.
In the meantime, the strengthening of cryptocurrency prices is likely to drive old and new miners back to their income-generating activity. As Ethereum’s merger approaches, some vendors may want to think twice about selling the storage of some of today’s best GPUs – especially when some have done so at prices approaching $ 523 for an RTX 3080. And Bitcoin miners has constantly upgraded its mining rigs for higher efficiency even when electricity prices rise on macroeconomic and inflationary issues.
