03. 11. 2021 , Pavel Kotov
The value of bitcoin jumped sharply in a matter of minutes, demonstrating the most intense growth since July. Following the leader, other popular cryptocurrencies also showed a sharp rise in prices, interrupting the largest monthly fall since May.
Biggest Cryptocurrency Grew by 10 % to $ 47 884 at the beginning of trading in New York the day before, after which stabilization took place. This dynamic triggered a rise in prices for Ethereum, Litecoin and EOS. In September, the price of bitcoin fell sharply by 7.6% amid fears of possible increased pressure from regulators in China and the United States. Traders have offered many possible explanations for such positive dynamics, agreeing that high market fragmentation makes digital assets vulnerable to price fluctuations. Some pointed to statements by Federal Reserve Chairman Jerome Powell, who said Thursday that the central bank “does not intend” prohibit cryptocurrencies. Others referred to highly technical indicators like moving averages.
Source: freepik.com
Leah Wald, head of crypto asset manager Valkyrie Investments, noted that fluctuations caused by the lack of general clarity and statements by the American authorities about their desire to reduce the activity of cryptocurrency trading. Combined with general weakness in the stock market and the onset of the traditionally bullish October for cryptocurrencies, this will make digital assets risky in the coming weeks. At the same time, Bitcoin was followed by growth in shares of cryptocurrency companies such as Marathon Digital Holdings, Riot Blockchain and Bit Digital.
Despite the apparent fall in September, Bitcoin posted a gain of 20% at the end of the third quarter, which is encouraging against the backdrop of a fall by 41% for the previous three months. Proponents of technical analysis study charts in an attempt to predict the future dynamics of bitcoin. Antoni Trenchev, Co-Founder and Managing Partner of crypto-lending company Nexo, was optimistic that the surge had allowed Bitcoin to surpass 20-, 50- and 200 – daily moving averages. The MACD indicator built on their basis also took a positive value, confirming the upward trend. But, added Mr. Trenchev, “be careful: a sudden acceleration in price activity can quickly weaken” .
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