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Bitcoin Approaches $21,000 and Cryptocurrencies Follow It Up

Bitcoin Approaches $21,000 and Cryptocurrencies Follow It Up

The top 10 cryptocurrencies react in the same way, with ethereumthe second in importance, growing 8.9% in the day, while Binance it does so by 6%. The highest daily rise, however, is recorded by Solarium which grows 35.1%.

According to the opinion of specialists, the market is facing a depletion of sellers, after 14 months of almost non-stop bearish pressure that took BTC from trading at $69,000 in November 2021 to less than $15,500 exactly one year later.

It is that the flow of bad news did not stop in the world of cryptocurrencies, after the United States Securities and Exchange Commission (SEC) sued Genesis Global Capital and Gemini Trust Co. for illegally raising billions of dollars from hundreds of thousands of investors through a high-yield productwhich allowed customers to lend assets in exchange for interest payments.

Meanwhile, cryptocurrency companies are still tightening their belts, with some of the biggest companies collectively losing thousands of jobs in the first weeks of the year, according to a Bloomberg analysis.

Bitcoin is now at the highest levels since the crypto exchange collapsed FTX rocked the market more than two months ago, inspiring hopes that this bear market may be losing its ferocity.

“What we have experienced in the last few days in the Bitcoin and cryptocurrency market is the strongest sign that we have been close to bottoming out for this cycle. And we may have already bottomed out,” said Les Borsai, director of strategy at crypto asset manager Wave Financial.

“We could fall further, I have to be cautious, but the macro environment is showing signs of easing and is giving way to a possible market reversal,” he added.

Source: Ambito

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