A sudden increase in market volatility occurred recently due to a probable hack of a US regulator’s social media profile, but traders saw crypto prices rising.
The crypto community witnessed a sharp spike in the market in the last 24 hours. It may have occurred as the US Securities and Exchange Commission saw a hack in their ‘X’ profile. A new tweet saying ‘$BTC’ sent crypto prices rising as Bitcoin almost breached $48,000. The regulator soon clarified the hack, and prices have since cooled down. BTC is still trading with its support at $46,000, with positive indicators.
The hype regarding the crypto ETFs has grown extremely high. As a result, market volatility has significantly increased, sending almost all tokens to record highs. The likely approvals may come on January 10, and several experts believe the SEC may not delay it further.
Two main factors are in focus as BTC attempts a long rally in January. Firstly, its market cap is inching closer to $1 trillion, and surpassing it may trigger the crypto market in a bullish manner. Secondly, BTC’s price breakout to $50,000 is closely anticipated and may occur sooner than expected.
In the last 24 hours, most altcoins saw an upward trend motivated by Bitcoin’s movements. Weekly gains in the crypto market have also turned positive, with likely room for more growth.
BTC/USD 1D price chart
Bitcoin is currently trading at around $46,000 on January 10, 2024, with BTC/USD trading lower by a margin of 2% in the last 24 hours. Bitcoin’s market cap was trading at around $898 billion.
BTC/USD is trading lower than its 20-day EMA (43,679.72), as BTC’s 24-hour volume was at around $38 billion. The crypto market cap decreased by around 0.61%, trading above $1.71 trillion. BTC’s year-to-date returns are above 9.15%.
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