Cryptocurrencies are up across the board! Bitcoin hits 6-month high above $24,000

After surging more than 10% in the past 24 hours, Bitcoin broke through $24,700 to hit a 6-month high before falling back, with Binance Bitcoin’s 24-hour high at $24,914 and an Asian time opening of $24,328 on the 16th, the author wrote Times around $24,640.

Bitcoin had dipped below $21,600 in the past few days, but as it surged above $24,100, amid growing concerns among investors about cryptocurrency regulation, especially in the stablecoin market, and future U.S. measures to curb inflation, Then it fell back slightly, and those concerns seemed to fade quickly.

At the same time, Ether is also up more than 9% in 24 hours, regaining above $1,700, and at the time of writing, Binance Ether is trading slightly lower at around $1,690.

Analysts at MICA Research pointed out that although the results of the inflation data lottery were not good, reaching a monthly increase of 0.5%, Fed directors also came forward to call out that the benchmark interest rate will reach above 5%, driving the 2-year U.S. bond yield to climb to 4.6%. “It is reasonable to say that Bitcoin is going to fall under this context, and with the recent regulatory crisis fermenting, Bitcoin did fall to 21,000 US dollars, but yesterday the encryption market flooded into buying orders, which made Bitcoin rise from 21,000 US dollars to 24,000 US dollars in one breath , with a daily increase of 9%, which greatly stimulated investor sentiment.”
The analyst added, “Most of these situations are a signal for funds with considerable funds to enter the market. The reason behind it is not clear, but the rise in buying currency prices has triggered a wave of Gakong. The forced liquidation also shows that funds are slowly returning to the encryption market and small and medium-sized speculative stocks. Cryptocurrency concept stocks such as Coinbase and Silvergate performed quite amazingly in the market yesterday. For example, Coinbase rose by 17.5% in a single day, Silveragate even more There is an increase of 28.6%. In the follow-up, it is still necessary to observe whether this wave of funds is only for short-term speculation. Because the current market liquidity is still poor, many funds wait until the bad news is exhausted to enter the market and speculate. Sell and leave, the excessive single-day volatility of US stock cryptocurrency concept stocks somewhat reveals signs of short-term speculation.”