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Bitcoin sees 15% Price Increase This Week, ETH Rallies 5%

Garrett Meifert

Summary: BTC has climbed over 23k after the European Central Bank announced it would increase interest rates by at least 25 basis points on Thursday. Ethereum is also at the center of attention, with an average price increase of 5% daily the last week.  At the meeting that will take place on Thursday, the European Central ...

BTC has climbed over 23k after the European Central Bank announced it would increase interest rates by at least 25 basis points on Thursday. Ethereum is also at the center of attention, with an average price increase of 5% daily the last week. 

At the meeting that will take place on Thursday, the European Central Bank, the central bank for all 19 European Union countries that have adopted the Euro, will be discussing if the rates will be raised by either 1/4% or 1/2%. 

This is backward to how the price has responded previously, with the 75 basis point hike from the US Federal reserve contributing to the massive price upset we saw last month. This time around, the increasing intrest rates are driving the market in the opposite direction.

According analysts on Twitter, BTC has broken the critical 21k resistance level and is now caught in the 23k resistance zone. If BTC manages to break through, the price could potentially climb to as high as 30k.

BTC on-chain data shows a large amount of BTC sales by miners as they try to cash out what they earned the last few months. The total network hash rate has also dropped, signaling some miners are forced to power down in the bear market.

Both Ethereum and Ethereum Classic are seeing positive swings today, too, with ETH currently trading at $1,550 on Tuesday (a 5% increase on the day), while Ethereum Classic is trading at $25, a 10% daily increase. 

Other popular digital tokens have also seen a rise today. Worth mentioning are NEAR is up 12%, Solana is up 9.5%, and UNI is up 5.7%.

Author: Garrett Meifert

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Link: Bitcoin sees 15% Price Increase This Week, ETH Rallies 5%   [Copy]
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