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Bitcoin rose 2.2% over the past week to close near $17,000. On Monday morning, renewed upward momentum saw the price rise to $17.2 thousand, hitting a new high in almost four weeks. Ethereum is up 8% to $1310 in his week. Other top 10 altcoins rose between 3.4% (XRP) and 17.9% (Cardano). According to CoinMarketCap, the cryptocurrency market capitalization grew 5.3% to $850 billion in a week.
The cryptocurrency market has risen to a new level, reacting positively to the positive news for the US stock market and negative news for the dollar. Such healthy growth is reminiscent of laying a solid foundation for future recovery.
On Monday, Bitcoin drew its sixth daily growth candle, trading confidently above its 50-day average. The largest and oldest altcoin is also gaining market attention.
In addition to Ethereum nearing its December high, Litecoin is also worth noting. On Monday morning, the price he jumped 7.5% to $82. This is near his November and his December highs, nearing their highest since May of last year.
Interest in long-only altcoins is a key indicator of long-term buyer work. Investors, meanwhile, are busy assessing the vulnerabilities of the most ambitious and forward-thinking projects.
news background
The cryptocurrency community is hearing rumors about possible bankruptcy of the Huobi exchange amid fund outflows, rumors of team layoffs, and cuts in employee payouts. Huobi has confirmed layoffs of around 20% of its employees. The NT Exchange Token has fallen 28% over the past month.
Tron founder and Huobi advisor Justin Sun has denied rumors that the exchange is in trouble, stressing that users’ assets are safe. CryptoQuant, on the other hand, said Huobi was in a “vulnerable position,” while he of the analytics service Arkham explicitly urged subscribers to withdraw funds from the site.
Digital Currency Group (DCG), the parent company of troubled cryptocurrency broker Genesis, has announced the closure of its digital asset management subsidiary, HQ Digital. Bloomberg reported that the SEC and other US regulators have investigated his DCG.
Cryptocurrencies have no intrinsic value and should be regulated like gambling, ECB Executive Committee member Fabio Panetta said.
