BTC/USD Surpasses $65K as Market Momentum Builds
For several months the cryptocurrency market has been exhibiting a downtrend and finally, it has snapped out. Bitcoin (BTC) has been trading above the 200MA and broke crucial resistance levels to rise to $65,300 at the time of writing. This is crucial as BTC is now above its previous highs, meaning a rally toward all-time highs if it is able to break $66000 in the coming days.
Cryptocurrencies in August started to recover and even came through earlier records with a 2.8 percent increase within 24 hours. This increase took the total market capitalization to $2.29 trillion, the highest in nearly two months. Forecasting to the end of this year is still possible with regard to the current market direction, indicating that the volume may go up to $2.4 trillion – or 4.8% over the current rates.
Bitcoin’s Technical Breakout:
Being above the 200-day moving average, together with consolidation resistance, the BTC experienced a strong technical breakout. The upward run means that the BTC price may continue rising further; a breach of the $66K may lead to an attempt to push the price towards a new record high in the coming weeks. People who deal in the market are now waiting with bated breath to see if Bitcoin is going to be able to continue on this upward trend.
Mining Difficulty and Market Conditions:
In a fresh estimation, the data showed that Bitcoin mining became 4.6% harder, with an indication; of 88.4 trillion. This change has been triggered by a hash rate average of 740.3 EH/s from the last shift in the value. Yet, Bitcoin’s network is still healthy and the drop in the difficulty could only be viewed as a possible plus for the miners – easier conditions slightly.
On the macro front, the inversion of the U.S bond yield curve which began to unwind after a rate cut by the Federal Reserve might bolster Bitcoin’s status as a risk-on asset. While reporting their findings, analysts from Standard Chartered pointed out that the open interest in call options has increased significantly, and these options are expiring in December and have a strike rate of $100, 000. This indicates a bullish outlook on the Bitcoin market in the next several months.
Ethereum’s Investment Outlook:
There is no certainty that Ethereum will provide good investment opportunities, which has been revealed in a recent report filed by CoinShares. Ethereum, used in decentralized finance and other blockchain solutions, has now become popular, but many of its recent additions are speculative. Solutions within Layer 2 (L2) have taken over some of the adoption metrics of Ethereum’s native network, limiting the rate of its expansion as transactional value moves to less expensive layers.
PayPal Expands Crypto Offering for Businesses:
In a significant boost for corporate use of cryptocurrencies, PayPal has launched a new service by enabling buying, selling, and holding cryptocurrencies directly within PayPal business accounts, so far only available in the United States. They can also withdraw money to other wallets making it possible fresh use cryptocurrencies in the business society. This move helps to extend PayPal’s increasing connections to the world of crypto.
Hamster Kombat Token Launches on TON Blockchain:
On September 26th, the crypto exchanges started listing Hamster Kombat Token (HMSTR) – the in-game currency for the massively viral, Telegram-based game, built on the TON blockchain. In particular, in 30f trading, the volume of HMSTR reached $150 million. However, the flood of transactions that came in hardly a day overloaded the TON blockchain, and the cryptocurrency wallet integrated into it became non-functional for a while. The team behind Hamster Kombat has unveiled its future plans to release new games, NFTs, and the establishment of tokens, for the improvement of the gaming system.
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