Crypto Market Rides Positive Wave, Bitcoin Leads the Charge

The cryptocurrency market is on the rise, with Bitcoin leading the uptrend. The total market capitalization has reached $2.44 trillion, up 1.6% in 24 hours and 0.8% in seven days. Bitcoin has gained 1.9% in 24 hours to $66.4K, following a gradual rise since last Thursday. Altcoins are also showing signs of recovery, but their progress has been slower than Bitcoin's.

Crypto Market Enjoys Positive Momentum

April 21, 2023

The cryptocurrency market is experiencing an upswing, driven by a surge in Bitcoin's value. Total cryptocurrency capitalization has reached $2.44 trillion, representing a 1.6% increase in the past 24 hours and a 0.8% climb over the past seven days.

Bitcoin's Ascendance

Bitcoin has witnessed a notable 1.9% surge in the past 24 hours, reaching $66.4K. This steady upward trajectory has been maintained since last Thursday. Despite the Nasdaq index's recent decline, Bitcoin's price has remained relatively stable, balancing the positive impact of the halving with the negative implications of the stock market's performance.

Technical analysis suggests that Bitcoin is adhering to a classic upside pattern, with a 61.8% Fibonacci retracement from its previous rally. However, caution is advised until the price surpasses the 50-day moving average, currently situated at $67.4K.

Altcoins Follow Suit

Altcoins, digital currencies other than Bitcoin, are mirroring Bitcoin's positive dynamics, having experienced growth since late last week. However, their recovery from a fortnight ago's sharp decline has been comparatively sluggish. Consequently, Bitcoin's share of the total capitalization has reached a three-year high of approximately 55%.

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Bitcoin Halving Impact

On April 20 at 0:10 GMT, the Bitcoin network underwent its fourth halving event on block #840,000. The ViaBTC mining pool successfully mined the block, resulting in a reduction of the miners' reward from 6.25 BTC to 3.125 BTC.

After the halving, commissions in the first block surged to an unprecedented $2.4 million, largely attributed to user activity within the Runes Protocol. Analysts speculate that the first cryptocurrency may enter a "re-accumulation phase" followed by a "parabolic uptrend," reminiscent of previous post-halving cycles.

SEC Lawsuit against Tron Founder

In a revised lawsuit, the Securities and Exchange Commission (SEC) has claimed that Tron founder Justin Sun's frequent visits to the United States make him subject to legal action. According to the SEC, Sun spent over 380 days in the US between 2017 and 2019.

Ethereum's Growing Revenue

The Ethereum blockchain generated a net profit of $365.46 million during the first quarter of 2023, representing a surge of almost 200% compared to the previous quarter's $123 million, as reported by The DeFi Report. Total transaction fees reached $1.17 billion.

Tether's Expansion

Tether, the issuer of the USDT stablecoin, has announced its support for The Open Network (TON) blockchain. Crypto Bot users on Telegram can now deposit USDT on the TON blockchain, with withdrawal functionality expected in the near future. USDT transactions within Telegram will incur no fees, enabling users to instantaneously send the asset to their contacts without requiring a wallet address.

Telegram's Crypto Integration

Telegram founder Pavel Durov has revealed that the messaging platform will begin rewarding content creators and allowing users to purchase goods using cryptocurrency. According to Durov, Telegram has deeply integrated blockchain technology into its platform.