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

By Monte Stewart


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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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

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.


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.


0.12 Price
-5.900% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872


3,116.46 Price
-7.110% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00


0.61 Price
-2.850% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168


64,649.30 Price
-1.750% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

“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.



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

0.42685 USD
-0.05461 -11.430%
Bitcoin / USD
64649.30 USD
-1158.15 -1.750%

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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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