Bitcoin hits new year-to-date high, XRP rises sharply to 76.7 yen at one point

Macroeconomics and financial markets

In the US NY stock market on the 29th, the Dow closed at $323 (1.0%) higher than the previous day and the Nasdaq at $210 (1.79%) higher.

The decline in bond prices and the rise in long-term interest rates have come to a halt as financial instability receded, which also supported the stock market.

connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”

Virtual currency market

In the crypto asset (virtual currency) market, Bitcoin rose 6.34% from the previous day to $29,140.

BTC/USD Weekly

It hit a new yearly high and reached the $29,000 level.

If the top resistance band of the low $30,000 range, which is the bottom of the bull market in 2021, can be broken, a trend change will finally become a reality.

Global financial instability is a tailwind for the crypto asset (virtual currency) market.

Over the past few weeks, a series of US bank failures, including the Silicon Valley Bank, have affected the stock prices of major European financial institutions such as Credit Suisse and Deutsche Bank, forcing the central bank to launch an emergency funding program to prevent a financial crisis. . Along with this, expectations for a pivot (policy change) by the FRB (Federal Reserve System) are increasing.

As inflation continues to remain high and credit uncertainty spreads, there is a view that gold has become a haven for funds as an alternative asset similar to gold. Bitcoin was born as the antithesis of centralization against bank bailouts during the 2009 financial crisis (Lehman Shock).

altcoin market

XRP continues to grow significantly in individual stocks in the alt market. It rose to $ 0.585 (76.7 yen) at one point, reaching the highest price since August 2009.

According to data from The Block referenced by Coingecko, XRP recorded +10% or more in Bitcoin (BTC) denominated. It was the highest return among the top 20 crypto assets by market capitalization.

The block

However, since then, the level of unrealized gains has reached a 19-month high, and investors’ profit-taking has fallen back one after another.

#XRPNetwork continues its impressive March recovery, with its price now +44% in the past 2 weeks and another +11% today. As a result, we’re seeing a very high level of trader profit taking, which is at its highest ratio vs. loss taking since Aug, 2021. https://t.co/VvtLpszql2 pic.twitter.com/OpY3U9K1I4

—Santiment (@santimentfeed) March 28, 2023

In December 2020, the U.S. SEC (Securities and Exchange Commission) filed a lawsuit against XRP developer Ripple, arguing that “the sale of XRP falls under the financing of unregistered securities.” It is seen as a clue for buying.

Brad Garlinghouse, CEO of Ripple, told Bloomberg in March this year that he expected a decision to be made in 2023, and that it would be an important precedent for the cryptocurrency industry. bottom.

The SEC and Ripple filed motions for summary judgment in September 2022, and by December 2022, both companies had filed their final documents. Ripple claims that “the SEC could not prove that the sale of XRP was an investment contract,” but the SEC maintains its position that “XRP has investment contracts and is considered a security.” ing.

connection:Ripple CEO: XRP lawsuit expected to be finalized in 2023

The U.S. Commodity Futures Trading Commission (CFTC) has also sued Binance, classifying Ethereum and Litecoin as “commodities” in court documents. The SEC takes a different view, claiming that Ethereum is a security.

[Recruitment]Recruitment of new personnel due to Web3 business expansion

Japan’s largest cryptocurrency media CoinPost is looking for full-time employees and interns as it expands its Web3 business.

1. Media Business (Editorial Department)
2. Marketing operations
3. Conference management and launch work
4. Open Position (students welcome)

Details https://t.co/UsJp3v8mSH pic.twitter.com/B98JZmoQbW

— CoinPost-virtual currency information site-[app delivery](@coin_post) February 14, 2023

The post Bitcoin hits new year-to-date high, XRP rises sharply to 76.7 yen at one point appeared first on Our Bitcoin News.