Bitcoin Weekly News – Latest Updates

Bitcoin and other cryptocurrencies jumped suddenly Friday, a day after Federal Reserve Chairman Jerome Powell said the U.S. didn’t have plans to ban cryptocurrencies. Bitcoin rose 9.4% from its 5 p.m. ET value on Thursday to $47,528.91, its highest level in almost two weeks. Ether, the second-largest cryptocurrency by market value, gained 8.7% to $3,230.46 over the same period. There was no obvious catalyst for the move upward in the notoriously volatile digital currencies, which happened early Friday morning. Some traders pointed to Mr. Powell’s comments to the House Financial Services Committee on Thursday and to the start of the fourth quarter on Friday, when investors sometimes reset their portfolios.

Cryptocurrency News
Cryptocurrency News

Worries over regulation have kept a lid on cryptocurrency prices in recent months. Bitcoin slid last week after China’s central bank declared cryptocurrency-related transactions illegal, reinforcing the country’s tough stance against digital rivals to government-issued money. During questioning before the House Financial Services Committee, Mr. Powell was asked whether he had any intention to ban or limit the use of cryptocurrencies, similar to China. He said there was “no intention to ban them,” but added that stablecoins, which are cryptocurrencies whose value is tied to government-issued currencies such as the dollar, “are like money-market funds, they’re like bank deposits, but they’re to some extent outside the regulatory perimeter and it’s appropriate that they be regulated.”

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Bitcoin jumped, rising in a matter of minutes to its biggest daily gain since July. Additionally, other digital currencies surged in a shock rally that followed the largest monthly decline since May. The largest cryptocurrency by market value rose as much as 10% to $47,884 early in New York trading before paring gains. Ethereum, Litecoin and EOS also jumped, with the Bloomberg Galaxy Crypto Index rising as much as 8.9%. Bitcoin had slumped 7.6% in September amid concern about increasing regulatory pressure in China and the U.S.

Traders offered a variety of possible reasons for the gains, while noting that the fractionalized market leaves digital assets vulnerable to volatile price swings. Some pointed to Federal Reserve Chair Jerome Powell’s comments on Thursday. He said that the central bank had “no intention” to ban cryptocurrencies. However, other cited price levels such as moving averages that are closely watched by technical analysts.

Crypto-related stocks, including Marathon Digital Holdings Inc., Riot Blockchain Inc. and Bit Digital Inc., also gained Friday as Bitcoin surged. Powell said in a Congressional hearing Thursday that he had “no intention” on banning cryptocurrencies. He did, however, add that stablecoins might be appropriate for regulation. Elsewhere, Stuart Alderoty, the general counsel for Ripple Labs, tweeted that a press release saying the company settled a lawsuit with the U.S. Securities and Exchange Commission was fake. The XRP token that is at the center of the lawsuit, jumped as much as 13% before paring gains.

Marathon, Riot Blockchain Rise Following Bitcoin Jump

Cryptocurrency stocks are getting a much-needed boost to begin the month after Bitcoin surged back above $47,000. Marathon Digital Holdings Inc., Riot Blockchain Inc. and Bit Digital Inc. all climbed by more than 3% on Friday, following Bitcoin higher as the digital currency rallied for a second day with a jump that reached as much as 10%.

While Bitcoin managed to return about 26% during the third quarter, it was a different story for many of the stocks exposed to the world’s largest digital asset. A brutal 31% plunge by Riot Blockchain in September sent the firm spiraling to its worst quarterly performance since 2019. It was a similar result for Coinbase Global Inc., which saw its stock tumble more than 12% in September after China’s ban on all crypto-related transactions soured investor sentiment. The cryptocurrency exchange is down about 6% since its direct listing in April.

What’s Next for Bitcoin?

Bitcoin failed to break the so-called September curse as its price fell by a little over 7% into the month. This happened despite a strong rebound rally right ahead of its close. Nonetheless, Bitcoin looks to be making a comeback in October, a month known for painting aggressive bullish reversals. Bybt data shows that Bitcoin has closed October in profits the majority of the time since 2013 — with a success rate of over 77%. Last year, the cryptocurrency surged by 28% to reach levels above $13,500 after finishing September at around $10,800, following an approximate 7.5% decline.

Similarly, Bitcoin climbed higher by over 10% by the end of October 2019 despite plunging 14% in the previous month. That made September look like a sell-off month, with its record of logging losses seven out of nine times. This is something that was the case every year, since 2013. In contrast, October posed itself as a period of dip-buying, suggesting that traders may end up pumping Bitcoin’s price higher by October 31. The October fractal surfaces despite alarming signals in the form of China’s intensifying crackdown and the United State’s tougher regulatory stance on the crypto sector.

Changes in the Coming Weeks

Technical indicators also pointed to a bullish session ahead for Bitcoin. It formed a base around $40,000 before the September close and reclaimed key resistance levels as interim support. That included the bias-defining 21-week exponential moving average (21-week EMA). Another technical indicator that has been predicting a bullish outcome for Bitcoin is bull pennant. In detail, BTC’s price has been consolidating inside two converging trendlines following its 500%-plus rally.

Traditional analysts view these lateral moves as a sign of bullish continuation. In doing so, they anticipate that the price will break above the pattern’s upper trendline. It will rise by as much as the length of the previous uptrend, called the flagpole.