cryptocurrency

If the slack stops in the woods, will it make a sound?

Written by Adrian Kenny, Senior Sales Merchant In the digital asset broker listed on the stock exchange GlobalBlock

The week continued with a very welcome bullish trend, as at the time of writing, Bitcoin reached $23,911.13. After briefly hitting the 24K mark earlier this week, the digital asset continues to consolidate within that range comfortably for now, at least in the short term.

Crypto and the broader markets in general have seen a somewhat uptick in the past few days. The rise comes on the back of news that the Federal Reserve will raise interest rates by 0.75 basis points this week. All eyes have been lately on the Fed’s response and reaction to the ever-present threat of inflation as well as the expected recession now looming (the Fed assured us that it hasn’t happened yet). The reaction has been very positive this week, with the cryptocurrency markets once again exceeding the 1-ton market cap again.

In perspective, while this week saw for the first time in over a month some markets recovering from previous weeks’ losses, there is undoubtedly a big mountain to climb in terms of “normality” or hopes of returning to the 2021 peaks anytime soon.

Ethereum has also continued its bullish trend this week, as it is currently trading at $1,718 at the time of writing. Ethereum has seen an even steeper drop lately, with the price of the second most popular cryptocurrency dropping to around $800 and rallying nearly 100% from its low in early June to current levels. While many are beginning to see some bullish sentiment in the short term, many warn that we are not yet out of the dangers from a macro perspective, and the cautious thesis is a more logical stance to take in the current circumstances.

In another broader step in mass adoption, Spain’s commercial banking institution, Santander, will soon launch Provides cryptocurrency trading services for its Brazilian customers. Santander Brasil CEO Mario Liao said it will start service in the coming months. This comes after Barclays plans to gain a footprint in the crypto space.

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