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Bitcoin regains $67,000 level... and Ethereum jumps 4%
Saturday 27 July 2024 08:23 | EconomicNumber of readings: 89
[rtl]Baghdad / NINA / Bitcoin rose by 3.74% to $67,177.32 at the end of trading on Friday, and Ethereum rose by 3.95% to $3,244.71.
According to Samer Hassan, a market analyst and member of the Middle East market research department at "XS.com", the gains of cryptocurrencies come amid caution in financial markets, especially the stock market, in light of the mixed results of major companies.
He added: "Cryptocurrencies usually do not move in parallel with the daily movements of the stock market, but the general mood is shared between the two markets. While it does not appear in light of the recent movements of the stock market that morale is high, the same is true for cryptocurrencies, as the Speculation Index from Capriole Investments is at only 6%, which is close to the lowest levels this year at 4% and far from the 60% we witnessed last January," according to Al Khaleej newspaper.
He pointed out: "Buyers were under pressure yesterday with the sharp declines early in the morning, which contributed to launching a wave of liquidations of buying positions in cryptocurrency futures contracts, the largest in twenty days. The value of these liquidations amounted to more than $276 million, of which more than $71 million was for Bitcoin and $107 million for Ethereum, according to CoinGlass." / End9[/rtl]
According to Samer Hassan, a market analyst and member of the Middle East market research department at "XS.com", the gains of cryptocurrencies come amid caution in financial markets, especially the stock market, in light of the mixed results of major companies.
He added: "Cryptocurrencies usually do not move in parallel with the daily movements of the stock market, but the general mood is shared between the two markets. While it does not appear in light of the recent movements of the stock market that morale is high, the same is true for cryptocurrencies, as the Speculation Index from Capriole Investments is at only 6%, which is close to the lowest levels this year at 4% and far from the 60% we witnessed last January," according to Al Khaleej newspaper.
He pointed out: "Buyers were under pressure yesterday with the sharp declines early in the morning, which contributed to launching a wave of liquidations of buying positions in cryptocurrency futures contracts, the largest in twenty days. The value of these liquidations amounted to more than $276 million, of which more than $71 million was for Bitcoin and $107 million for Ethereum, according to CoinGlass." / End9[/rtl]
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