Glenn Williams Jr. shares his thoughts as the Biden administration and others in Washington gear up to respond to the crypto disasters of 2022. The bottom line: Keep the focus on the people who did bad things, and don’t punish the asset class.
The top cryptocurrency by market value rose over 5% to $20,350, according to CoinDesk data. Ether, the second-largest cryptocurrency, rose 4% to $1,390.
New TradingView data reveals bitcoin crossed its 50-day moving average earlier this week at the $42,500 price level and has stayed above it since. Continuation of this price movement would imply strength and set bitcoin for a move toward $49,000 as it sees institutional demand.
A new chart presented by Glassnode on bitcoin’s perpetual futures open interest vs. bitcoin’s price suggests that traders are increasing their leverage on BTC trades once again. Head of Market Insights at Genesis Trading Noelle Acheson digs into the data and its implications for the recent price movements in the bitcoin market.