- The cryptocurrency market is firing on all cylinders Wednesday as a flurry of spot Bitcoin exchange-traded fund filings have reignited institutional interest in digital assets and propelled the top crypto back above $30,000.
Powell’s comments to the House Financial Services Committee also included a discussion on cryptocurrencies, with the Fed Chair noting that the central bank’s staff has been in talks with lawmakers from both parties on the crypto legislation members of the committee have been working on. Crypto prices received an extra boost Wednesday after Powell said the industry “appears to have some staying power.
According to Markus Thielen, Head of Research at Matrixport, “Since early January, Bitcoin has been trading above its 200-day moving average, a level that market participants generally use to judge if an asset is in a bull or bear market . In March , Bitcoin traded back to this 200-day level but successfully rejected it. We were still in a bull market.”“Bitcoin has rallied to 25k, only to retrace back by -20% to 20k, then rally by +50% to 30k, only to retrace back to 25k.
MN Trading founder Michaël van de Poppe sees a similar outlooking moving forward, with the possibility of a BTC correction to $28,000 before its price starts to climb higher.I think we'll be sweeping $30K, sweep the highs and calm down.
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