Market News

Crypto Stock Surge as Market Hits New Highs

Crypto stock surge

Crypto stock: Bitcoin and Ethereum surge to new highs as buyers dominate the market, fueled by ETF interest and upcoming events.

In the latest cryptocurrency market surge, Bitcoin (BTC) has soared to $57,000, reaching heights not seen since November 2021, while Ethereum (ETH) touched $3,275. This significant price rise has been attributed to a dominant presence of buyers in the market, driving renewed interest in digital assets.

Several factors fuel the rally in Bitcoin, including a surge in ETF buying and anticipation for the mid-April halving event. Following the SEC’s approval of eleven spot Bitcoin ETFs on January 10th, a broader range of investors have gained access to the cryptocurrency market. Notably, the BlackRock-managed Bitcoin ETF alone has witnessed over $6.6 billion in inflows since mid-January, contributing to the upward momentum of Bitcoin prices. Bitcoin opened at $46,000 on January 10th, experiencing a significant surge to approximately $56,500.Traders closely monitor the upcoming halving event, anticipating its impact on cryptocurrency’s supply and demand dynamics with block rewards halving.

Crypto Stock Surge as Market Hits New Highs

Ethereum’s upward trajectory receives a boost from growing market speculation regarding the approval of spot Ethereum ETFs by the end of May. The VanEck ETF, with a crucial approval deadline on May 23rd, is particularly under scrutiny. However, uncertainty remains surrounding the SEC’s decision, which could lead to a sharp downturn in Ethereum prices.

Regarding technical analysis, Bitcoin has broken above a recent consolidation phase around $52,000 and is eyeing resistance levels around $59,500 before potentially reaching $65,000. Ethereum bulls target the late-March 2022 high at $3,582, representing a modest 10% increase from the current spot price.

Yesterday, crypto-related stocks witnessed a remarkable surge, with some experiencing double-digit gains. Coinbase (COIN), a prominent cryptocurrency exchange, broke above multi-month highs, closing the session with a substantial 16.9% increase at nearly $194.

As the cryptocurrency market continues to attract significant attention from investors, traders remain vigilant of potential market volatility and swift price fluctuations inherent in this asset class.

Stay Updated with the Latest Market News. Visit our YouTube Channel for the Latest Forex Analysis.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Fidelcrest video review

Play Video

Related Articles

Gold Near New High: Israeli-Iran Conflict Sparks Rally

Gold prices surged on news of an Israeli attack on Iran, nearing...

Global Markets on Edge: Japan’s CPI and Geopolitical Tensions

Japan's National Core CPI rose 2.6% YoY, slightly below forecasts, influencing global...

Asia Watch: Dollar Rally, Geopolitical Tensions Impact Trading Sentiment

Amid lower US unemployment claims, the dollar surged while escalating geopolitical tensions...

Market Focus: Europe and Asia React to Economic Data

In Asia, the Australian labor report weakened the AUD; USD awaits US...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Gold Near New High
Market News

Gold Near New High: Israeli-Iran Conflict Sparks Rally

Gold prices surged on news of an Israeli attack on Iran, nearing an all-time high, while FX markets reflected immediate safety concerns.

Global markets CPI geopolitical tensions
Market News

Global Markets on Edge: Japan’s CPI and Geopolitical Tensions

Japan's National Core CPI rose 2.6% YoY, slightly below forecasts, influencing global markets amid rising geopolitical tensions and central bank actions.

Copyright © 2023 Forex Prop News. All Rights Reserved.