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    Crypto market wrap: More green times for bitcoin, altcoin prices

    By Monte Stewart


    Updated

    Photo of cell phone in hand
    Bitcoin and altcoin prices enjoyed more green times on Tuesday. - Photo: Shutterstock

    Bitcoin and altcoin prices enjoyed more green times on Tuesday as the cryptocurrency market continued to surge.

    The world’s largest digital coin surpassed $23,000 (£19,165) as investors again took a contrarian approach to the crypto winter. (All figures based on CoinMarketCap data.)

    And, altcoins were well in the green again following concerns last week that the market was about to crater.

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    BTC to USD

    Bitcoin up 8%

    Bitcoin was up about 8% as conventional markets close in North America, again disproving Peter Schiff’s recent claim that it is “is dead.” Schiff, CEO and chief global strategist at Euro Pacific Capital and an outspoken economic commentator and bitcoin skeptic, had claimed that it was “just a modern example of the Greater Fool theory” in a panel discussion hosted by Capital.com.

    Investors and analysts have wondered aloud lately whether bitcoin was set to sink below $19,000 due to the impacts of rapidly rising inflation and other macroeconomic pressures.

    The $20,000 mark is viewed as a potential pivot point towards a large downswing.

    FTM to USD

    Galaxy boss predicts big increase

    Galaxy Digital founder and CEO Mike Novogratz told Bloomberg on Tuesday that he expects bitcoin to get to $500,000 in the next few years.

    DOGE/USD

    0.38 Price
    -4.070% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.0019172

    PEPE/USD

    0.00 Price
    -5.270% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.00000011

    XRP/USD

    2.51 Price
    -3.920% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 0.01250

    BTC/USD

    103,977.90 Price
    -2.280% 1D Chg, %
    Long position overnight fee -0.0616%
    Short position overnight fee 0.0137%
    Overnight fee time 22:00 (UTC)
    Spread 50.00

    “This is a story about two things: It’s about adoption and it’s about global economics,” he said. “And while this is a bump in the road in adoption, it’s certainly not a U-turn.”

    Financial institutions in Europe, the US and Middle East who haven’t gotten involved in crypto yet, will see the current conditions as a buying opportunity, he added.

    NEXO to USD

     

    Relative calm

    The market has enjoyed a second week of relative calm thus far after the financial troubles of Celsius Network, Voyager Digital and Three Arrows contributed to a severe downturn. All three companies have failed for bankruptcy.

    The Celsius Network coin (CEL) continues to trade – but was not among Tuesday’s multitude of gainers. CEL fell about 4%.

    Markets in this article

    FTM/USD
    FTM/USD
    1.28281 USD
    -0.07 -5.190%
    BTC/USD
    Bitcoin / USD
    103977.90 USD
    -2428.75 -2.280%

    Related topics

    #Dogecoin #Cryptocurrency #Bitcoin

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    The difference between trading assets and CFDs
    The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
    You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
    CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
    CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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