2023-6-22 18:30 |
After a tough few weeks, the crypto market is back – with Bitcoin ($BTC) emerging as one of the frontrunners of this resurgence.
The Bitcoin price has soared by over 7.5% in 24 hours, surpassing the $28,000 level with ease, as investors become optimistic about the coin’s hopes once more.
At the same time, the brand-new meme coin project Wall Street Memes ($WSM) continues to make considerable strides in its presale phase – and is now nearing the $10 million milestone.
Bitcoin’s Surprise Rebound Signals Shift in Investor SentimentAt the time of writing, Bitcoin is hovering around the $28,800 level, following a bullish uptick that has surprised investors.
Before this uptick, Bitcoin had been on a steady downtrend, with price dropping as low as $24,800 last week – the same as in mid-March.
Numerous external factors created a strong bearish sentiment around $BTC, with the SEC’s decision to sue Binance and Coinbase being the most significant.
However, investors appear to have digested this news, with the uncertainty around Bitcoin (and other cryptocurrencies) gradually subsiding.
From a technical perspective, Bitcoin looks poised for even more upside – with price breaking above the crucial 20-day Exponential Moving Average (EMA) on the daily time frame.
This indicator often acts as a proxy for the short-term trend, so the fact that $BTC is now above it is a promising sign for investors.
Moreover, data from CoinMarketCap reveals that $BTC trading volume is up a whopping 74% in the past day alone – indicating renewed interest in the coin.
Bitcoin’s Bullish Momentum Amplified by Growing Trader ConfidenceSeveral news events have combined to create a bullish buzz around Bitcoin.
Firstly, the Fed’s decision to pause interest rate increases sent ripples of excitement throughout the crypto market last week.
This is because there’s now a growing belief that rates could come down in the medium term, making crypto assets (like Bitcoin) more appealing from an investment perspective.
Secondly, demand for $BTC is growing after BlackRock filed an application for a spot Bitcoin exchange-traded fund (ETF).
If approved, this ETF would be the first of its kind in the US – allowing institutional investors to benefit from increased liquidity, SEC regulation, and lower trading fees.
Naturally, the fact that massive institutions like BlackRock are heavily interested in Bitcoin has led to a surge in market confidence.
This confidence boost has fueled a renewed sense of optimism among retail investors – who are now more eager to show faith in Bitcoin’s future.
Which Altcoins Are Soaring Alongside Bitcoin?As Bitcoin continues to capture the spotlight with its recent price surge, the market is abuzz with other altcoins vying for attention.
One such contender is Wall Street Memes – a new meme coin inspired by the intersection of cryptocurrency and internet culture.
Rising Meme Coin Wall Street Memes Continues Turning Heads & Nears $10m MilestoneWall Street Memes ($WSM) is a pioneering meme coin inspired by the Reddit subculture that challenged Wall Street in 2021.
This meme coin is built on the foundations created by the highly-successful Wall St Bulls NFT collection, which sold out in just 32 minutes – generating $2.5 million in sales.
However, the $WSM token is more than just another meme coin with no utility. Instead, the coin is backed by a colossal community of over 1.1 million people, spread across platforms like Instagram and Twitter.
Moreover, $WSM follows the path set out by previously successful meme coins, like Dogeoin and Pepe, which produced exponential returns for early investors.
Wall Street Memes is currently in its presale phase, where investors can buy $WSM tokens at a discounted price.
The presale has already raised over $8.9 million in less than one month – with many investors speculating it could surpass the $10 million mark in the coming days.
Currently, $WSM is priced at just $0.0298, with a minimum investment size of 100 tokens.
This presale setup has fuelled colossal demand for $WSM – and with well-known YouTuber Michael Wrubel highlighting his optimism for the project, Wall Street Memes looks poised to make its mark in the crypto world.
Visit Wall Street Memes Presale
The post Crypto Prices Bullish Again; Bitcoin Soars 7% in 24 Hours, While Wall Street Memes Nears $10m appeared first on BeInCrypto.
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