Bitcoin and Ethereum prices are rising after trading at $21,000 and $1,600 levels last week before plummeting to $19,000 and $1,400 levels over the weekend. Currently, Bitcoin is up 3% on Tuesday, trading back above $20k, while Ethereum is up 9%, trading at $1,584.
The crypto market is expected to continue its upswing this week, as most digital assets are in the green, thanks to a considerable increase in 24-hour trading volume of 17% for BTC and 35% for ETH.
Summary
Analysts believe Bitcoin may have reached its bottom following Jerome Powell’s address at the Jackson Hole conference last week, and it is doubtful that the price of BTC will trade at the $19k level for very long.
Powell, in the address, noted that bringing back stability to price will take some time, and commitment is being put in place to get this balance.
Powell detailed:
“While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation.”
The Fed’s statement that the markets will have to endure pain to reestablish price stability and control inflation sparked a strong response from traders. Meanwhile, the markets appear to be settling this week, as traders assume the Federal Reserve will keep hiking interest rates.
In other news, Vietnam has the most significant percentage of the population that owns Bitcoin, with a staggering 20.27%, according to triple-a.io’s data on cryptocurrency adoption.
Due to its second-place global ranking for retail value and all on-chain bitcoin transactions, ahead of nations like the USA and China, Vietnam may become the next major global crypto powerhouse.
Also, according to the triple-a.io cryptocurrency ownership research, 31% of Vietnamese said they would use cryptocurrency for online payments, while 59% said they were interested in investing in cryptocurrencies.
This shows strong sentiment toward cryptocurrency adoption in the country, as it will not be long to see further integrations and adoption levels.
The founder of Ethereum, Vitalik Buterin, has sent out a reminder to all clients before September 6th because the beacon chain hard fork is slated for that day as the merge draws nearer by the day.
Reminder: even though the merge is coming around Sep 10-20, the beacon chain hard fork is on Sep 6. Make sure to update your clients before then! https://t.co/x8GQCbtNNk
— vitalik.eth (@VitalikButerin) August 30, 2022
The merger, expected to occur between September 10th and 20th, could significantly boost ETHUSD’s positive momentum. Over the last few weeks, Ethereum had outpaced Bitcoin, including today, when ETH gained about 10% during the previous 24 hours.
In other Ethereum news, the biggest derivatives market in the world, CME Group, said on Monday that it would begin offering Bitcoin and Ether Euro futures. The official blog post states:
“The launch of these new futures contracts builds on the strong growth and deep liquidity we have seen in our existing U.S. dollar-denominated Bitcoin and Ether futures contracts”
Futures contracts will significantly increase market liquidity for cryptocurrencies and may provide the momentum needed to drive the value of BTC and ETH. In particular, during this eight-month-long bear market, which appears to be subsiding as BTC and ETH manage to trade sideways over the past month, significant companies like CME Group moving forward with adding cryptocurrencies to their platforms is a highly encouraging indicator.
We have continued to see multiple and continuous adoption of cryptocurrency at different levels of industry and technologies, proving yet again how much we need the blockchain and crypto industry more than it needs us.
Generally, the markets are showing some stability, and the value of all cryptocurrencies is now $994 billion, up 4.23% over the last day, and once again getting close to the $1 trillion mark.
Throughout this week, it’s expected that BTC and ETH will continue to progress in their recovery and attempts to find support at higher levels.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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