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Bitcoin and Cryptocurrency Suddenly Prepare for a $1 Billion US Earthquake After Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon, and Solana Prices Spike

Bitcoin and Cryptocurrency Suddenly Prepare for a  Billion US Earthquake After Ethereum, BNB, XRP, Cardano, Dogecoin, Polygon, and Solana Prices Spike

 


5/4 update below. This post was originally published on April 3

Prices of Bitcoin, Ethereum, and other major cryptocurrencies surged during the first quarter of 2023, making bitcoin the best-performing asset by a wide margin and putting crypto in a “pivotal moment.”

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Bitcoin has nearly doubled from its late 2022 lows as the market is betting that the Federal Reserve may be about to turn a corner (although the world’s largest asset manager has issued a dire warning). Ether price rose along with bitcoin and other top 10 cryptocurrencies BNB binancecoin, XRP ripple, cardano cardano, dogecoin dogecoin polygon and solana solana.

Now, after the US dumped $215 million worth of seized bitcoins on the market last month, bitcoin and cryptocurrency traders are preparing to sell just over $1 billion in bitcoin later this year.

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More Dramatic Forbessa Impact – Tell the Pentagon Bitcoin Can Prevent War

The price of bitcoin surged higher during the first three months of 2023, which helped ethereum… [+] Price and other smaller cryptocurrencies BNB, XRP, cardano, dogecoin, polygon and solana to rise.

AFP via Getty Images

Update 04/05: Bitcoin price has continued to rally over the past week, failing to break above $30k, with traders now looking at the looming US jobs report on Friday as potentially triggering the ‘next big move’ in the market.

“The former cryptocurrency is stuck at local highs, beyond which it has not been able to consolidate since March 19,” Alex Kuptsikevich, senior market analyst at FxPro, said in an emailed comment. “This prolonged consolidation sets the stage for the next big move. The decision for this consolidation is likely to be related to the market’s reaction to the Non-Farm Payrolls on Friday. Technically, a pullback to the $27,000 level for a retracement of the March 10 rally is most likely for now.” .

Non-farm payroll data on Friday is expected to show that the volatile job market continued to cool. However, if the reading comes in higher than expected, it could mean that the Fed is renewing its push to raise interest rates, further sucking liquidity out of the system. This week, Loretta Mester, President of the Federal Reserve Bank of Cleveland, warned the Fed that it should raise interest rates above 5% and keep them there longer than most investors would like.

The roughly 10,000 bitcoins sold by the US government in March are part of a shipment of 50,000 bitcoins seized following the November arrest of James Chung, who pleaded guilty to wire fraud after the government alleged he manipulated the transaction system on darknet market Silk Road. In 2012 – allegedly the most recent bitcoin forfeiture ever.

The remaining 41,000 bitcoins — worth $1.1 billion — are expected to be liquidated “in four more installments over the course of the current calendar year,” according to the court filing.

In March, bitcoins in wallets linked to the seized Silk Road funds were noted to have been transferred to a Coinbase address, which received approximately 10,000 bitcoins.

The move spooked the market and caught analysts by surprise as the US has historically preferred selling seized bitcoins and cryptocurrencies via public auctions.

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More FORBESESElon Musk’s Twitter Raises Dogecoin Support, Sending Its Price Surging Amid $258 Billion Row

Bitcoin price has bounced back after last year’s bitcoin, ethereum and cryptocurrency market crash… [+] But it is still well below its late 2021 peak of around $70,000 per bitcoin.

Forbes Digital Assets

He is also watching the bitcoin and cryptocurrency market closely for any sign of how the US Federal Reserve will act when it next meets to set interest rates in early May.

Yuya Hasegawa, a Tokyo-based cryptocurrency market analyst at Bitbank, said in an emailed note, referring to economic data that has come in surprisingly hot in recent weeks.

Hasegawa added, “Bitcoin could retest $29,000, but it needs to close above that level to call it a ‘breakout’, otherwise it could be ‘another fake’.”

Sources

1/ https://Google.com/

2/ https://www.forbes.com/sites/digital-assets/2023/04/05/bitcoin-and-crypto-are-suddenly-braced-for-a-1-billion-us-earthquake-after-ethereum-bnb-xrp-cardano-dogecoin-polygon-and-solana-price-surge/

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What Are The Main Benefits Of Comparing Car Insurance Quotes Online

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