Bitcoin Records 2-Month Valuation High of $24.9k as Inflation Fears Diminish Slightly

Bitcoin is currently trading around $24k and the battle between the bulls and the bears is heating up. The largest cryptocurrency by market capitalization appears to be trying to break free from its bearish shackles to make a significant upward move. Altcoins have also gained in the last 24 hours. More on that later.

In other news, Ethereum rallied again earlier today as the merger drew closer. The second-largest cryptocurrency by market capitalization is nearing the $2,000 resistance and nearing a three-month high. The merger is expected to take place on September 16, which is less than 40 days away. More on that later.

Ripple Labs, the company behind the XRP digital currency, is interested in acquiring Celsius and its assets, the company’s spokesperson said. The company itself is embroiled in a nearly two-year lawsuit against the SEC with no concrete end in sight. But the native XRP crypto has still performed extremely well and is likely to grow particularly well once the matter is resolved. Ripple Labs can use it as a springboard to improve their position in the crypto community and buy bankrupt crypto companies for next to nothing.

The crypto exchange of Indian origin, Wazirx, is in trouble. The exchange is already at the center of a merger battle with Binance, and now the Indian government is targeting the platform. India’s Enforcement Directorate (ED) has alleged that the exchange was involved in laundering as much as $130 million out of the country. The government believes that some of the money went to Chinese companies.

BlackRock, one of the world’s largest wealth management services with over $10 trillion in investments, has reportedly started a new privately held Bitcoin Trust for its clients. The fund is only available to institutional investors and may receive a lot of attention from investors due to the fact that ETFs are not legal in the country. Investors are therefore dependent on other forms of investment.

Bitcoin price back around $24k

Bitcoin is changing hands at around $24ki at the time of writing after the last 36 hours being slightly bullish. The cryptocurrency was not able to completely overcome the resistance around $24k – $25k and pulled back, but the bullish move has opened up the field significantly.

The day started yesterday with the Bitcoin price around $23.6k. It traded sideways for a while before starting to rise just before midnight. The price rose steadily throughout the day and hit a 70-day high of $24.8k at 16:15. The price then underwent a small correction and is now trading around $24ki at the time of writing.

The short-term battle between the bears and the bulls is currently tougher. The BTC price rose sharply earlier in the day yesterday, but also pulled back a bit. The bulls are very close and could make a move above $25k and break the bearish curse in the short term, but they haven’t been able to pull it off yet. Now the battle lines are drawn again. If the bears can pull the price back to $23k, then the bulls will bite the dust again.

Bitcoin’s total market capitalization was around $463 billion and its share of the crypto market was 41.1%.

Bitcoin price chart

Altcoins make profits

Other cryptocurrencies also had some mixed gains yesterday before cooling off significantly. Big winners were Ethereum (ETH, 0.6%) and Ethereum Classic (ETC, 8.2%).

ETC price chart

In other news…..

Ethereum Fusion less than 40 days away

The highly anticipated Ethereum Proof of Stake merger will now take place in less than 40 days. The tentative date for the big move is set for approximately September 16. After this step, the cryptocurrency is no longer a large energy-intensive network like Bitcoin.

Terminal Total Difficulty (TTD) reaches 587500000000000000000000 and the network completes the transition to a full PoS consensus mechanism. But the complete change of the network can make room for other networks. A full PoS system will not encourage miners and thousands of current ETH miners will have to look elsewhere. Talk of a proof-of-work Ethereum fork is widespread, but they are unlikely to continue without the support of major stakeholders.

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