Bitcoin
(BTC)
and
Ethereum
(ETH)
have
seen
significant
price
surges
in
the
last
seven
days,
with
Bitcoin
soaring
by
more
than
35%
and
Ethereum
by
more
than
25%.
This
boost
in
the
crypto
market
has
sparked
the
interest
of
investors,
who
want
to
know
how
far
these
cryptocurrencies
can
go.
The
considerable
increase
in
the
value
of
Bitcoin
can
be
attributed
to
actions
aimed
at
improving
the
financial
system.
Moreover,
increased
investor
optimism
in
the
potential
of
the
US
decreasing
interest
rates
later
this
year
has
also
played
a
role
in
supporting
Bitcoin’s
gains.
Ethereum,
ranked
as
the
second-biggest
cryptocurrency
in
terms
of
market
capitalization,
has
witnessed
a
substantial
rise
in
its
value.
Presently,
it
is
being
traded
at
$1,809.90,
with
a
24-hour
trading
volume
amounting
to
$12,940,582,584.
This
upswing
in
ETH’s
price
indicates
a
bullish
trend
in
the
cryptocurrency
market.
As
of
now
in
2023,
Bitcoin’s
value
has
increased
by
an
impressive
55%,
which
is
quite
a
feat
for
such
a
short
time.
The
current
global
crypto
market
capitalization
has
reached
$1.17
trillion,
which
shows
a
5.41%
increase
from
the
previous
day.
Regulators
Urge
Credit
Suisse
and
UBS
to
Merge,
Bitcoin
Prices
Rise
as
Investors
Seek
Safe
Haven
Credit
Suisse
Group
AG
is
facing
a
critical
weekend
as
authorities
urge
the
failing
Swiss
lender
to
consider
a
merger
with
rival
bank
UBS
AG.
However,
both
banks
have
shown
an
unwillingness
to
merge,
and
the
regulators
do
not
have
the
power
to
force
the
merger.
It’s
worth
noting
that
over
the
weekend,
Credit
Suisse
CFO
Dixit
Joshi
and
his
team
will
gather
to
discuss
potential
futures
for
the
firm
from
a
strategic
perspective.
The
global
financial
market
has
been
influenced
by
this
news,
which
has
sparked
concerns
about
the
health
of
the
banking
industry
worldwide,
and
in
Switzerland
in
particular.
There
has
been
a
flight
to
safety
into
commodities
like
gold
and
cryptocurrencies
like
Bitcoin
as
investors
become
more
concerned
about
the
current
market
environment.
A
result
is
a
significant
rise
in
the
value
of
Bitcoin,
the
cryptocurrency
widely
regarded
as
the
digital
equivalent
of
gold.
It’s
important
to
remember
that
this
development
probably
won’t
have
a
lasting
effect
on
Bitcoin
prices
or
the
cryptocurrency
market
as
a
whole.
US
Dollar
Falls
as
Investors
Seek
Safe-Haven
Assets
like
Bitcoin
Amid
Economic
Uncertainty
The
broad-based
US
dollar
failed
to
stop
its
previous
declines
and
dropped
further
as
investors
worried
about
contagion
and
recession
after
Credit
Suisse
and
First
Republic
Bank’s
shares
tumbled.
It
is
worth
noting
that
the
fear
of
contagion
caused
US
banks
to
seek
a
record
$153
billion
in
emergency
liquidity
from
the
Federal
Reserve.
Unfortunately,
the
$54
billion
loan
for
Credit
Suisse
and
the
$30
billion
lifeline
for
First
Republic
did
not
stop
their
stock
declines.
As
investors
become
more
concerned
about
the
stability
of
the
existing
financial
system,
they
are
turning
to
alternative
safe-haven
assets
like
Bitcoin.
This
underscores
Bitcoin’s
role
as
a
hedge
against
market
uncertainty
and
volatility,
particularly
during
times
of
economic
instability.
Hong
Kong
Emerges
as
Global
Crypto
Hub,
Boosting
Bitcoin
Adoption
Hong
Kong
is
rapidly
emerging
as
a
crypto
powerhouse,
as
its
cryptocurrency-friendly
policies
continue
to
draw
attention
from
global
businesses
in
the
industry.
In
recent
news,
Signum
Digital’s
security
token
offering
(STO)
and
subscription
platform
received
approval
in
principle
from
the
Hong
Kong
Securities
and
Futures
Commission
(SFC),
highlighting
Hong
Kong’s
potential
to
be
a
leading
destination
for
crypto-related
businesses.
These
developments
are
likely
to
have
a
positive
impact
on
the
price
of
Bitcoin,
as
more
businesses
flock
to
Hong
Kong,
the
demand
for
the
cryptocurrency
is
likely
to
increase.
Additionally,
the
growing
popularity
of
security
tokens,
which
are
built
on
blockchain
technology
and
represent
ownership
of
tangible
assets,
is
expected
to
boost
the
adoption
of
cryptocurrencies,
particularly
Bitcoin.
Bitcoin
Price
After
a
brief
consolidation
of
around
$26,500,
Bitcoin’s
price
has
experienced
a
sharp
drop,
leading
to
a
short-term
negative
trend
since
it
fell
below
the
$25,000
and
$25,500
support
levels.
On
Saturday,
the
BTC/USD
pair
is
trading
with
a
strong
bullish
bias
and
is
encountering
immediate
resistance
near
the
$27,750
level.
Should
there
be
a
bullish
breakout
above
the
$27,750
level,
it
could
propel
the
Bitcoin
price
toward
the
$30,750
milestone.
Bitcoin
Price
Chart
–
Source:
Tradingview
However,
if
it
fails
to
surpass
the
$27,750
level,
a
sell-off
may
occur,
potentially
pushing
the
price
down
to
$25,200
or
even
$23,020.
Buy
BTC
Now
Ethereum
Price
On
Saturday,
the
ETH/USD
pair
is
trading
with
a
strong
bullish
bias,
as
it
has
formed
bullish
engulfing
candles
which
are
supporting
a
buying
trend.
On
the
upside,
the
ETH/USD
pair
has
surpassed
the
1,795
level
and
is
likely
to
face
immediate
resistance
at
the
$1,900
mark.
Ethereum
Price
Chart
–
Source:
Tradingview
On
the
lower
side,
the
ETH/USD
pair
is
likely
to
gain
immediate
support
at
either
the
$1,700
or
$1,620
level.
Buy
ETH
Now
Top
15
Cryptocurrencies
to
Watch
in
2023
Check
out
Cryptonews’
Industry
Talk
team’s
curated
list
of
the
top
15
altcoins
to
watch
in
2023.
The
list
is
frequently
updated
with
new
ICO
projects
and
altcoins,
so
make
sure
to
visit
often
for
the
latest
updates.
Disclaimer:
The
Industry
Talk
section
features
insights
by
crypto
industry
players
and
is
not
a
part
of
the
editorial
content
of
Cryptonews.com.
Find
The
Best
Price
to
Buy/Sell
Cryptocurrency
Cryptocurrency
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Tracker
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Source:
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