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Market News The Crypto Market Continues to Trade Sideways

The Crypto Market Continues to Trade Sideways

In a weak market on Monday morning, the price temporarily increased over $28.5K.

Cory Russell

2023-04-11

7607

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Top altcoins perform unevenly, with Bitcoin and Ethereum seeing gains.

Over the previous week, Bitcoin increased 1.9% to $28.3K. Inching up 4% to $1860, ethereum. Other top ten cryptocurrencies had a range of behaviors, from a 1.4% drop (XRP) to a 6.2% rise. (Dogecoin).

According to CoinMarketCap, the overall market capitalization of cryptocurrencies increased 2% over the course of the week to $1.185 trillion.

For the last three weeks, Bitcoin has been consolidating sideways at roughly $28K. In a weak market on Monday morning, the price temporarily increased over $28.5K. Since the beginning of the month, the range has shrunk on the daily timescale, establishing a bullish triangle. With a rise over $29K opening the door to $35K and a fall below $27.5K perhaps opening the door to $25.5K, it is anticipated that the price will continue to move toward the breakout.

The mining difficulty for bitcoin increased by 2.23% to a new high of 47.89T in the most recent recalculation. Since the latest recalculation, the average hash rate has also been a record 342.16 EH/s for around two weeks. Since the year's beginning, the hash rate has increased by 25%, which reflects rising network trust.

Bitcoin News

Anthony Scaramucci, the founder of SkyBridge Capital, has backed up his optimistic forecast that Bitcoin would reach $100,000 in three years. BTC will be worth $1 million by 2030, according to him and CEO of Ark Invest Katie Wood.

The original USDT stablecoin's creator, Tether, stated that customers of its SimpleSwap exchange service may now trade pairings using Tether Gold and Euro Tether (EURT). (XAUT).

According to Divly's calculations, just 0.53% of investors globally paid taxes on transactions involving digital assets by the end of 2022. The biggest percentages of these taxpayers were in Finland (4.03%) and Australia (3.65%).

In the first quarter of the year, hacking and fraud cost blockchain projects more than $320 million, according to a CertiK analysis.

With 1GW of mining capacity active in Q1, Russia surpassed China as the second-largest cryptocurrency mining nation, according to BitRiver. With 3–4GW, the US continues to be the top.