Bitcoin topped $46,000! What Is Affecting Bitcoin Prices?
2022-03-28 17:43:34
Is Bitcoin Safe To Buy with A Price Over $46,000?
Bitcoin's immovable rally over the past two weeks has seen it rise above the key $45,000 level and has also seen the world's largest cryptocurrency regain most of the ground it has lost this year.
The Bitcoin price live has gained more than 15% since March 11 and was trading at about $46,600 as of 7:10 p.m. New York time, breaking the upper limit of a narrow range of $35,000 to $45,000 since the start of the year. Bitcoin is up about 0.6% this year with this wave of gains. If bitcoin can continue to break out "in a meaningful way," it should gain a lot of upside momentum, said Matt Maley, chief market strategist.
At the moment of writing, the price of Bitcoin is $46,954 and has risen 4.81% in 24 hours. Its 24-hour volume is 21million and it has risen 15.03% in 7 days. The current market cap is $891.08billion and the issue volume is 21million. (Source: Gate.io March 28)
Bitcoin prices climbed above $46,000 for the first time in almost a month, as it broke out of its recent price range. Some believe that the reason behind this is mainly due to the recent recovery in investors' appetite for risk. While part of this rise is closely tied to gains in U.S. stock indexes, the largest cryptocurrency by market capitalization was also supported by the news that "Russia is considering accepting bitcoin payments and that Terra blockchain operators are buying bitcoin as reserves”.
As Western sanctions intensify, Pavel Zavalny, chairman of the energy committee of the lower house of the Federal Assembly, said at a press conference on March 24 that Russia is willing to be more flexible in its payment options when it comes to "friendly" countries and that the buyer's national legal tender, as well as bitcoin, are seen as alternative ways to pay for Russian energy exports.
2. U.S. Senate to Work on Cryptocurrency Regulation
At a Senate meeting last Thursday, U.S. Senators DN.Y. and R-Wyo. were working together on how to proceed with a "broad-based regulatory framework" for cryptocurrencies.
There are many different types of cryptocurrencies, some of which will be regulated by the CFTC and some of which will be regulated by the SEC. Before any of this can be decided, there will need to be several regulatory committees and communication between all of us to customize them.
However, the direction of the cryptocurrency market is rapidly changing. Every decision will be a factor in their price. Investors need to think carefully and place their bets with caution and refrain from believing the gossip.
Bitcoin's immovable rally over the past two weeks has seen it rise above the key $45,000 level and has also seen the world's largest cryptocurrency regain most of the ground it has lost this year.
The Bitcoin price live has gained more than 15% since March 11 and was trading at about $46,600 as of 7:10 p.m. New York time, breaking the upper limit of a narrow range of $35,000 to $45,000 since the start of the year. Bitcoin is up about 0.6% this year with this wave of gains. If bitcoin can continue to break out "in a meaningful way," it should gain a lot of upside momentum, said Matt Maley, chief market strategist.
At the moment of writing, the price of Bitcoin is $46,954 and has risen 4.81% in 24 hours. Its 24-hour volume is 21million and it has risen 15.03% in 7 days. The current market cap is $891.08billion and the issue volume is 21million. (Source: Gate.io March 28)
What Is Affecting Bitcoin Prices?
1. Russia Considers Accepting Bitcoin for Gas and Crude Oil PaymentsBitcoin prices climbed above $46,000 for the first time in almost a month, as it broke out of its recent price range. Some believe that the reason behind this is mainly due to the recent recovery in investors' appetite for risk. While part of this rise is closely tied to gains in U.S. stock indexes, the largest cryptocurrency by market capitalization was also supported by the news that "Russia is considering accepting bitcoin payments and that Terra blockchain operators are buying bitcoin as reserves”.
As Western sanctions intensify, Pavel Zavalny, chairman of the energy committee of the lower house of the Federal Assembly, said at a press conference on March 24 that Russia is willing to be more flexible in its payment options when it comes to "friendly" countries and that the buyer's national legal tender, as well as bitcoin, are seen as alternative ways to pay for Russian energy exports.
2. U.S. Senate to Work on Cryptocurrency Regulation
At a Senate meeting last Thursday, U.S. Senators DN.Y. and R-Wyo. were working together on how to proceed with a "broad-based regulatory framework" for cryptocurrencies.
There are many different types of cryptocurrencies, some of which will be regulated by the CFTC and some of which will be regulated by the SEC. Before any of this can be decided, there will need to be several regulatory committees and communication between all of us to customize them.
Is Bitcoin Safe to Purchase right now?
There is a view that Bitcoin is likely to continue to move higher on the back of its recent gains. The current "ascending triangle pattern" in the cryptocurrency market is becoming more convergent and the price is spiking towards the upper end of the triangle. This indicates that Bitcoin is gaining momentum and based on the current popular Fibonacci technical analysis, Bitcoin's price could be heading towards the $50,450 and $54,000 target prices.However, the direction of the cryptocurrency market is rapidly changing. Every decision will be a factor in their price. Investors need to think carefully and place their bets with caution and refrain from believing the gossip.
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