By Adrian Kenny, Senior Salesman A publicly listed digital asset broker GlobalBlock
The week’s most favorable trend continues, at the time of writing, Bitcoin is sitting at a price of $23,911.13. After briefly hitting the 24k mark earlier this week, the digital asset continues to consolidate comfortably in this range, at least in the short term.
Crypto, and the broader markets in general, have seen somewhat of a rally over the past few days. This uptick is off the back of news that the Fed has raised rates by 75bps this week. All eyes have been on the FED’s recent response to the ever-present threat of inflation, as well as the predicted and now looming recession (which the Fed has assured us has yet to happen). The reaction was very positive this week and the cryptocurrency markets once again increased in the 1st market capitalization.
In perspective, this week for the first time in more than a month, with some markets recovering from previous weeks’ losses, there is still a mountain to climb in terms of “normalcy” or prospects for a return to the highs. 2021 anytime soon.
Ethereum continued its upward trend this week, currently trading at $1718. Ethereum has seen a very aggressive draw recently, with the price of the second most popular cryptocurrency plunging to around $800 and nearly 100% off its early June lows. While many are beginning to see some short-term bullish sentiment, many are cautioning that we are not out of the woods from a macro perspective and a cautious thesis is a more reasonable position in the current environment.
In another broad move in mass adoption, Spanish tradfi banking institution, Santander, recently offered crypto trading services to its Brazilian clients. Santander Brasil CEO Mario Leo said the service will launch in the coming months. This from Barclays plans to have a footprint in the crypto space.