Market Wrap: Bullish Basel News Causes BTC Jump to Week-High $38K Level; ETH Slips

Friday 11 June 2021, 7:18 AM AEST - 1 week ago

Bitcoin has returned to the spotlight on positive cryptocurrency banking news out of Europe. Ethers shine is diminishing a bit Thursday based on some volume, volatility and options data.

  • Bitcoin (BTC) trading around $36,732 as of 21:00 UTC (4 p.m. ET). Up 1% over the previous 24 hours.
  • Bitcoins 24-hour range: $36,250-$38,200 (CoinDesk 20)
  • Ether (ETH) trading around $2,465 as of 21:00 UTC (4 p.m. ET). In the red 3.8% over the previous 24 hours.
  • Ethers 24-hour range: $2,462-$2,617 (CoinDesk 20)

Bitcoin over $38K, then loses momentum Bitcoins hourly price chart on Bitstamp since June 7.

Bitcoin, the worlds largest cryptocurrency by market capitalization, was up Thursday by 1% as of press time. The price was below the 10-hour moving average but above the 50-hour, a sideways signal for market technicians.

The price of bitcoin climbed from $36,304 at 09:15 UTC (5:15 a.m. ET) to $38,200 by 10:45 UTC (6:45 a.m. ET), a 5.2% gain in less than two hours based on CoinDesk 20 data. Bitcoin then lost steam, down to $36,732 as of press time.

One factor that may have had an impact on bitcoins briefly surging price: The Bank for International Settlements Basel Committee, a European regulatory agency, attempting to place much-needed rules Thursday around banks being allowed to hold various cryptocurrencies.

The last time BTC was able to get over the $38,000 level was on June 3.

Bitcoins historical price the past week.

It is possible BTC prices are currently more beholden to big balance holders, known as whales, than retail activity, at least according to one trader.

Whales are causing waves that right now seem to counter the breakouts bitcoin has seemed to attempt for weeks now, said Henrik Kugelberg, a crypto over-the-counter trader.

Major crypto asset 30-day volatilities the past month.

From Tuesday ...

Read full story on CoinDesk

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