The post Crypto Market Rebounds: Here’s Why Bitcoin and Ethereum Prices Soared! appeared first on Coinpedia Fintech News
In the last 24 hours, the cryptocurrency market experienced a welcomed rebound after Bitcoin and other leading digital assets broke free from a downward trend that had persisted throughout the year. Latest data from the world of crypto indicates that the overall market value of cryptocurrencies surged by roughly 2 percent, reaching around $1.1 trillion.
During this period, the prices of Bitcoin and Ethereum climbed by about 1.6 percent and 2.3 percent respectively.
The Future is Bright!
An insightful analysis provided by the intelligence platform Santiment sheds light on the encouraging trend of crypto prices bouncing back when traders demonstrate increased activity during bear markets. Interestingly, there has been a significant spike in discussions surrounding bear markets, reaching an 11-week high. This surge in discussions is seen as a potential catalyst for the market’s recovery.
A positive sign that #crypto markets will rebound is the fact that traders are increasingly referring to current market conditions as a #bearmarket. Historically, when traders show #FUD, the probability of price rises increases considerably. https://t.co/jxENgl1nNz pic.twitter.com/K8W7uAotz6
— Santiment (@santimentfeed) August 24, 2023
Binance Assures Stability
A sense of unease had gripped the crypto market due to rumors swirling online about the financial stability of Binance, a prominent cryptocurrency exchange. Speculations hinted that the exchange might be selling off its Bitcoin holdings to support the price of its native token, BNB. Addressing these concerns head-on, Changpeng Zhao (CZ), the CEO and co-founder of Binance, took to the crypto community to quash the rumors. CZ emphasized that Binance operates without any debts or loans from venture capital to fuel its day-to-day functions.
Read More: Binance’s Withdrawal Freeze Could Trigger a Bitcoin Bull Run, Claims Expert
Furthermore, CZ reassured users that their assets remain within the exchange’s ecosystem, even when utilized in staking programs through smart contracts or for leverage trading purposes. This assertion aims to strengthen the trust of users in Binance’s operations.
Bitcoin Wallet Raises Eyebrows
In an intriguing development, a freshly discovered Bitcoin wallet, suspected to be linked to the popular trading platform Robinhood, has amassed a remarkable sum of over $3 billion in cryptocurrency holdings. A captivating facet of this revelation is the existence of 156,660 wallets currently holding between 10 to 10,000 Bitcoins. Notably, a substantial portion of these wallets, totaling around 11,629 coins valued at approximately $308.6 million, have been amassed since August 17th.
Are you bullish or bearish on the future of cryptocurrency?
