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Highlights: Crypto market bullish, tech stocks push Wall Street up

The crypto market as a whole is in the green with the majority of top 10 cryptos registering gains over the past 24 hours. 

US indices closed higher yesterday, with tech firms and meme stocks shining. The UK100 (-0.04%) edged lower as hopes of a breakthrough in the Russia-Ukraine peace talks faded.

Tesla Motors stock gained 8% after the carmaker revealed plans to split its stock for the second time in less than two years.  

Top cryptos

After a brief plateau, Terra is surging again, up 9% at the time of writing. Bitcoin registered small gains, trading above $47,000 at time of writing. Other cryptos went on to register some gains, including Ethereum, up around 2%, and Cardano and XRP, climbing 2% and 1%, respectively.

Almost three billion SHIB has been burned over the past week, while around half a billion was burned in 24 hours. Shiba Inu gained 5% so far today.

Top movers

Waves Labs is opening headquarters in Miami after announcing an ecosystem transformation plan in February 2022. The Waves cryptocurrency, which broke the top 50 and is now the 32nd by market cap, has gained 64% on the news.

THORSwap announced $470 million in trading volume for March with around 900% growth. THORChain gained 14% on the news. Loopring added 11%. An upcoming NFT drop is one reason.

Compound jumped approximately 14%. At the other end, Zilliqa lost 11%, reversing its spectacular recent gains over the past several days.

Trending

A new cryptocurrency inspired by Will Smith slapping Chris Rock at the Oscars, Will Smith Inu, started trading on UniSwap and PancakeSwap soon after the event. It gained 10,000% in less than 24 h. 

At the time of writing, it was trading for $0.0000000123 and had gained 38% according to Nomics data.

The post Highlights: Crypto market bullish, tech stocks push Wall Street up appeared first on Coin Journal.

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Bitcoin price surges above $47.5K: what is fuelling the comeback?

Bitcoin, the world’s largest cryptocurrency, among other major altcoins started the week on a surge after a bloodbath that saw the majority of cryptocurrencies nosedive below expected levels over the past two months of 2022.

Yesterday, BTC reached a new three-month high after hitting a high of $47,765 before retracing back to $47,506.06 at the time of writing.

This article focuses on the forces behind the current Bitcoin price comeback.

Factors behind the current BTC rally

There are two main factors that are being attributed to the current Bitcoin (BTC) price surge that has seen Bitcoin maintain above $47K as it heads back above $50. 

These factors include increased short-sellers and a surge in BTC whale addresses.

  • Short Sellers

Glassnode, a well-known crypto analyst, investigated to see what the surge is all about. In a video, the analyst said that those betting on a protracted drop in Bitcoin price (Short Sellers) are the ones responsible for the current market trend.

Besides, when the market experiences dramatic upswings, there are short liquidations too.

The analyst said:

‘’They can watch it falling, down, down. They eventually get enough confidence to say, “You know what? I’m tired of being squeezed out of my long position. I’m going to go short.” They did it at the exact bottom, which is impressive, but then they are squeezed out oppositely, and the trend begins to shift.’’

The current bitcoin bullish trend started on February 24, 2022, after ’short‘ liquidations started gaining momentum. At the time BTC was trading at around $37000. 

According to the analyst, although ’short sellers‘ are responsible for the surge, they need to have an organic demand.

  • A surge in BTC whale addresses

Another factor for the current surge is the growing number of BTC whale addresses.

Glassnode said that there has been a huge increase in the overall accumulation balance which shows that more people are stacking the coin. From the address growth, we can also see that there is a genuine organic demand.

The post Bitcoin price surges above $47.5K: what is fuelling the comeback? appeared first on Coin Journal.