Economy News - Baghdad
Thanks to increasing money flows towards cryptocurrencies, Bitcoin has seen a strong rise over the past few hours to reach a 6-week high at the beginning of October, which is usually considered a month full of gains for this token.
Small-cap cryptocurrencies, such as Ethereum, Litecoin, and Solana, have also seen gains. This rise comes at a time when traders are awaiting the start of the trial of Sam Bankman-Fried, founder of the digital currency exchange FTX, which is scheduled to begin tomorrow.
Caroline Morrone, co-founder of digital asset derivatives liquidity firm Or Bit Markets in Singapore, noted that there is significant demand for cryptocurrencies, likely due to the start of a new quarter and increased volatility as a result of the lack of liquidity at the end of the week.
I expected this rise to continue until the end of October, as this month is usually considered positive for digital currency markets, and it is expected that the main resistance level for Bitcoin will continue to hold at the $30,000 level.
Bitcoin jumped more than 4% to exceed the $28,000 level, recording its highest level since last August 17. It also saw an increase of more than 4% during the month of September, but decreased by 11% in the last quarter. Bitcoin has made gains in every October over the past four years.
Hayden Hughes, co-founder of the social trading platform Alpha Impact, said that this rise strengthened expectations that the US Securities and Exchange Commission would approve proposals to launch Bitcoin-based investment funds, which were submitted by BlackRock, although the decision was postponed before. The regulatory body last week.
Bankman Fried did not succeed again in obtaining a decision to release him from the federal prison in Brooklyn a few days before the start of his trial. The US government accuses him of running a multi-billion-dollar fraud at FTX, but he denies the charge.
While the wallet linked to “FTX” - which was hacked last November - saw some activity for the first time in nearly a year, as more than $4 million worth of Ethereum currencies were transferred from it, according to the “CoinDesk” platform.
The combined market value of the crypto market during these moments of today’s trading amounted to approximately $1.06 trillion. The trading volume reached approximately $25.93 billion.
Bitcoin rose during the last 24 hours to the levels of $28,360, by 4.2%, while recording weekly gains of 8.3%. Its market value now stands at $545 billion.
While Ethereum, which is the largest digital currency by market value after Bitcoin, rose by about 3% during the last 24 hours, reaching $1,732, with weekly gains of 9.6%, and a market value of about $206 billion.
The price of Binance Coin rose by 2% to record $220.
Solana jumped by 14% in the last 24 hours to $24,498, and by 25% in the last 7 days.
While the price of Ripple XRP rose by 0.7% to $0.52261.
Cardano witnessed a rise to $0.2668, by 3.5%, while it rose during the last 7 days by 8.15%.
On the other hand, Dogecoin rose to the level of 0.063563, by 1.9% during the last 24 hours.
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