Bitcoin, the world’s largest cryptocurrency, is back trading above $26,000 for the second time this week, up 7.5% in the last 24 hours. The coin has been trading between $24,000 and $26,700 over the past week. Investors who went away for a while are back and adding exposure to bitcoin, according to Alex Thorn, head of firmwide research at Galaxy Digital. “We expect to see significant demand as bitcoin moves further past $25,000,” Thorn wrote in a note. Ether is up 5.1% in the past 24 hours and up 20% over the last seven days.
Bankrupt lender Genesis has requested a May 22 deadline for creditors to say how much they are owed by the company and June 27 for an auction, according to bankruptcy court filings dated Thursday. Bidders considering buying Genesis would have to show interest by May 5. The sale would comprise lenders Genesis Global Capital and Genesis Asia Pacific, as well as Genesis Global Trading, the last of which hasn’t filed for bankruptcy. All three fall under the umbrella of Digital Currency Group, a crypto conglomerate that also owns CoinDesk.
Tokens related to artificial intelligence have had a strong week with the Graph’s GRT up 30% and SingularityNET (AGIX) up 45%. AI-related tokens have rallied following ChatGPT’s release of its latest version of the technology that powers the popular chatbot tool. OpenAI, the company behind ChatGPT, unveiled the release in a blog post on Tuesday, stating the latest version can pass a simulated bar exam with a score around the top 10% of test takers. SingularityNET is a decentralized AI marketplace running on blockchain, and The Graph is an open-sourced indexing protocol used to collect, process and store data from various blockchain applications.
Market Insight: Next Stop for Bitcoin, 28K?
Matrixport
Bitcoin looks north, having cleared a major resistance during Friday’s Asian trading hours.
The top cryptocurrency rose past $25,000, breaching the resistance dating back to August 2022 that also capped gains last month.
The move has shifted the focus to the next technical hurdle above $28,000.
“Bitcoin has now the chance to climb to the next technical level, which is situated at $28,000,” Markus Thielen, head of research and strategy at crypto financial-services firm Matrixport, said.
The chart shows ether’s bitcoin denominated price (ETH/BTC) has declined to its lowest level since July.
Traders seems to be worried that Ethereum’s impending Shanghai upgrade, which is set to open withdrawals of staked ether, could potentially create a significant supply overhang.
These fears are likely to keep sentiment in the ether market weak ahead of the upgrade, Bernstein said early this month, adding that actual increase in supply after the upgrade is likely to be negligible on a daily basis.
– Omkar Godbole
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