After nearly three weeks of trading in the narrow range between $16,400 and $17,000, bitcoin (BTC) price finally broke this barrier and worked upwards in the early hours of Monday (9). At 7 am, the value of 1 BTC was an average of $17,247, up 1.7% over the past 24 hours.
Bitcoin started moving on Sunday (8), reflecting the release, two days earlier, of data pointing to an economic slowdown in the United States. For traders, the information was seen as a signal that the Federal Reserve (the Fed, the US central bank) may soon slow down the pace of interest rate hikes.
According to analysts, this was the final push for Bitcoin to finally breach the $17,000 level, which until then had been proving to be resistance (an area of high selling interest) capable of capping any rally since mid-December.
According to Coinbase Institutional’s David Duong, the rally could put Bitcoin on track for the next technical level at $17,800. According to FundStrat’s Sean Farrell, data queried on the blockchain indicates that there are plenty of willing buyers with “an appetite for buying BTC at a very specific level from $16.00 to $17,200.”
“This paints an incredible picture of a strong buying wall at current market prices and suggests a strong bottom has formed,” Farrell wrote in a report.
This week, cryptocurrency traders will be watching for fresh US inflation data which is also seen as informing the Federal Reserve’s decision-making regarding the next interest rate hike.
Continue after the announcement
In parallel, the market continues to monitor the speculation surrounding crypto platform Genesis and its parent company, Digital Currency Group (DCG), which also owns Grayscale, the world’s largest digital asset manager, and the CoinDesk website.
So far, however, bullish investors have dominated the trading, with smaller cryptocurrencies called altcoins seeing a rally with significant double-digit gains. Among the highlights is Ziliqa (ZIL), a competitor to Ethereum (ETH) which posted a daily high of 48.9% in 24 hours.
Next up is Solana (SOL), with an appreciation of 20.9% in one day and more than 60% in one week, and the Lido DAO (LIDO) platform token, which specializes in staking (passive income) of ETH, with a gain of 17.4% since Sunday.
Among the cryptocurrencies with the highest market capitalization, the best performer is Cardano (ADA), which is up more than 15% in 24 hours. Ethereum, Binance Coin (BNB), Dogecoin (DOGE), and Polygon (MATIC) increased by 4.2%, 6.7%, 5.8%, and 7.3%, respectively.
None of the top 100 cryptocurrencies in the market have posted losses since yesterday at 7 am.
Check out the performance of the major cryptocurrencies at 7 am:
| Cryptocurrency | price | Change in the last 24 hours |
| Bitcoin (BTC) | $17,247 | +1.70% |
| Ethereum (ETH) | $1,317 | +4.20% |
| Binance coin (BNB) | $278 | +6.70% |
| XRP (XRP) | $0.350937 | +2.80% |
| Cardano (ADA) | 0.328500 USD | +16.40% |
Cryptocurrencies with the biggest increase in the last 24 hours:
| Cryptocurrency | price | Change in the last 24 hours |
| Ziliqa (ZIL) | 0.02633615 US dollars | +48.90% |
| Solana (the sun) | $16.36 | +20.90% |
| lido daw (lido) | $1.88 | +17.40% |
| Cardano (ADA) | 0.328500 USD | +16.40% |
| Immutable X (IMX) | 0.489193 USD | +16.30% |
Check out how the cryptocurrency ETFs closed in the last trading session:
| ETF | price | disparity |
| Hashdex NCI (HASH11) | $16.00 USD | +0.31% |
| Hashdex BTCN (BITH11) | 21.57 Brazilian reals | 0.00% |
| Hashdex Ethereum (ETHE11) | 19.49 Brazilian reals | -0.30% |
| Hashdex DeFi (DEFI11) | $16.00 USD | -0.62% |
| Hashdex FI Smart Contract Platform (WEB311) | 11.36 Brazilian reals | +2.34% |
| Hasdex Crypto Metaverse (META11) | 27.49 Brazilian reals | +7.76% |
| QR Bitcoin (QBTC11) | 5.54 Brazilian reals | -0.53% |
| QR Ether (QETH11) | 4.60 Brazilian reals | -0.43% |
| QR DeFi (QDFI11) | 2.62 Brazilian reals | 0.00% |
| Crypto20 EMPCI (CRPT11) | 4.92 Brazilian reals | +0.20% |
| I invest NFTSCI (NFTS11) | 16.15 Brazilian reals | -3.23% |
| Invest BLOKCI (BLOK11) | 75.83 Brazilian reals | 0.00% |
Read the main crypto market news on Monday (9):
US Investigates Hedge Funds Traded On Binance: Report
US federal prosecutors are investigating the relationship between Binance and US hedge funds as part of a broader investigation into possible money laundering at the exchange, according to The Washington Post.
According to the newspaper, citing two people who reviewed one of the subpoenas, the Seattle attorney sent subpoenas to the companies asking for records of their dealings with Binance over the past few months.
The subpoenas come at a time when Binance is facing a crisis in the industry, amid distrust of cryptocurrency exchanges in the wake of the FTX internal crash in November.
The digital currency group will be under investigation in the United States
Officials from the Eastern District of New York from the US Department of Justice and the US Securities and Exchange Commission (SEC) are investigating transfers between Digital Currency Group (DCG) and its Genesis subsidiary, Bloomberg reported Friday (6).
Prosecutors have reportedly requested interviews and documents from DCG and Genesis, while the SEC is said to be in the early stages of a similar investigation.
According to Bloomberg, which cited people familiar with the matter, neither Genesis nor DCG have been accused of “improper wrongdoing.”
Voyager says it is “hypocritical” for FTX to be against Binance’s $1 billion purchase of assets
Bankrupt cryptocurrency platform Voyager has defended its sale of its assets to Binance for $1 billion, calling the criticism “hypocrisy and gibberish,” according to court documents released Sunday.
The plan was opposed by Alameda Research, the trading arm of FTX, as well as the SEC, the Department of Justice (DoJ), and several government regulators.
Continue after the announcement
A hearing on Binance’s proposal is scheduled for Tuesday (10) in New York Bankruptcy Court.
For Voyager, the authorities’ skepticism about Binance.US’s ability to withstand the settlement is “unfair.”