Cryptocurrency Analysis

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Crypto market bounces back amid software update



Bitcoin and Ethereum hit a new all-time high despite uncertainty over new crypto rules in US. Apparently, investors were very encouraged by the recent software update in ETH.

So, on Sunday, Bitcoin posted a huge 3.1% increase in price, pushing the quote to $ 45,328 per token. Ethereum, meanwhile, rose 3.5% and reached $ 3,191.



Bitfinex CTO Paolo Ardoino said optimism clearly returned in the market, with Bitcoin traders taking the lead. However, strong volatility will most likely persist.

Nevertheless, many cryptocurrencies are showing signs of growth, after a significant pull back from record highs that was driven by fears of repression in China and questions raised by Elon Musk over Bitcoin's use of energy.

In fact, Bitcoin is now approaching its 50-day moving average, while Ethereum is again worth over $ 3,000.

But one factor that continues to create uncertainty is the ongoing discussions on the new US infrastructure bill, which has conflicting amendments regarding reporting requirements for cryptocurrency transactions and tax collection. The bipartisan group that drafted the law was counting on additional tax revenues to help pay some of the bill's costs.

Even so, CoinGecko.com said investors should not worry much as such will not stop the rally, especially since the market value has now surged to $ 1.88 trillion.

Other tokens such as Binance Coin, Cardano, Ripple and Dogecoin also saw gains in the past week.






Andrey Shevchenko
Analytical expert
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