The crypto market has been performing quite well in the past week. Most cryptocurrencies are up, as Bitcoin managed to regain its +$22,000 territory. Ethereum’s merge might have been a strong contributor to the positivity in the crypto market, however, there are other factors that helped in pushing crypto prices higher. In this article, we’re going to go over the top 3 bullish crypto news that are also helping green prices. Who knows, they might also cause a ripple effect higher, see what we did there? 😉
The Crypto Market is UP – What Happened?
The crypto market reached its bottom as its market cap got crunched and reached a low of $920 Billion. However, as the merge date got closer, prices started to position themselves again. Crypto prices increased in the past 7 days on average by 16%. Bitcoin was among the good performing cryptos, as its prices made a 15% leap from its bottom price of $18,700. Other cryptos such as Helium, Cosmos, and Solana also increase by 35%, 26%, and 17% respectively.
Top 3 Bullish Crypto News
Ethereum’s merge has definitely made an impact on crypto prices. However, there is other fundamental news that also affected the general sentiment in the crypto market. Investors often look at the macro picture to try and assess the overall market sentiment, instead of looking at a single event. Here are 3 bullish crypto news that happened in the past week.
#1 Fidelity Investments might add Bitcoin trading for individual investors
When a well-established and mainstream company decides to open its doors to crypto investors, crypto traded volumes often increase. Fidelity is a multinational US company based in Boston. Back in 2018, it opened Bitcoin trading for hedge funds and other big institutional investors. Today, it is considering opening this same door to individual investors. The company already has more than 34 million brokerage accounts. Not only will this help the average Joe enter the crypto market, but this will create higher demand for Bitcoin, thus potentially higher prices.
#2 Starbucks enters Web3.0
Starbucks announced its first “digital community” which will promote its loyalty program. This will allow its loyal customers to earn and buy digital goods that unlock special experiences and incentives, thus blending the business’s popular Starbucks Rewards loyalty program with a new unique NFT platform.
#3 Microstrategy Buy more Bitcoins
Microstrategy is famous for being a traditional company stocking up on Bitcoins. Its first purchase started back in August 2020, during the early beginnings of the crypto bullrun. However, with the latest crypto price drop, the company is deeply in the red. This has been a highly controversial topic, as its executive chairman and co-founder Michael J. Saylor is the one who has been pushing the Bitcoin narrative. He believes that it was the best course of action despite Bitcoin losing more than 68% from its peak.
However, the company recently purchased an additional $500,000,000 worth of Bitcoins at an average price of around $21,000, thus lowering their average price. This purchase is likely to push the crypto market higher, especially since other events are unfolding in the crypto sphere.
You might also like