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June 16, 2024
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Crypto Market Analysis: Bitcoin And Ethereum Stage Bullish Comeback 

The post Crypto Market Analysis: Bitcoin And Ethereum Stage Bullish Comeback  appeared first on Coinpedia Fintech News

Crypto traders were taken aback as Bitcoin (BTC) and Ethereum (ETH) unexpectedly turned bullish. After a bearish sentiment dominated the first three weeks of May, Bitcoin’s price led the altcoin market toward a more positive outlook during the weekend. Notably, within the past 24 hours, short trades accounted for over $102 million out of a total of $128 million in liquidations.

During the early Asian market at the start of the week, the total crypto market capitalization experienced a rise of approximately 2.5%, reaching around $1.21 trillion. This increase reflected the growing optimism among investors.

Bitcoin Addresses Reach Monthly High 

According to on-chain data provided by Glassnode, Bitcoin holders with less than 1 unit, popularly called the Shrimps, have aggressively accumulated more than 24.6k BTCs this month, thus having a total of about 1.31 million Bitcoins in supply. Similarly, long-term holders have been accumulating in anticipation of next year’s Bitcoin halving that triggers the larger crypto bull market due to reduced supply amid heightened demand.

U.S Debt Ceiling Crisis

In a major development on the political front, United States President Joe Biden and House Speaker Kevin McCarthy announced a bipartisan solution to the impending debt ceiling crisis. Both Republican and Democratic House votes have been secured to pass the measure to raise the debt ceiling and lower government spending. This agreement signals a step towards stability and cooperation in addressing the country’s fiscal challenges.

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