BITCOIN PRICE JUMPS ABOVE $28.5K FOR 1ST TIME OVER A MONTH

Mon 02 October 2023:

For the first time in more than a month, Bitcoin’s price surpassed the crucial $28,500 mark on Monday.

After rising 3.8% on Sunday, the price of the world’s biggest cryptocurrency climbed to as high as $28,518 for a daily gain of almost 5%. This is the highest level since Aug. 17.

The current level is above Bitcoin’s 200-day moving average of $28,500, while it may climb further if it manages to hold that level, according to analysts.

The immediate cause of the jump wasn’t clear, but the clearing of short positions from the bitcoin futures market may have helped push the pump. Roughly $104 million in bitcoin short positions were liquidated over the week ending Oct. 1, Coinglass data shows, pushing the price of bitcoin higher. About $40.5 million in bitcoin short positions were liquidated over the past 24 hours as of Tuesday morning.

Ethereum, the world’s biggest altcoin by market value, also rose more than 2.4% to as much as $1,742, after increasing 3.7% the previous day.

“Ethereum now has billions in revenue, millions of users, and thousands of distinct apps and developers,” said Bitwise CEO Hunter Horsley. “As the leading operating system for crypto, ethereum has spread like wildfire. With blue-chip brands like Nike, Starbucks, Adidas, Pepsi, PayPal, JPMorgan and others building and using applications on ethereum, the momentum is only building.”

Some altcoins saw their prices soar over 10% in the past 24 hours, according to data from the digital asset price-tracking website, CoinMarketCap.

The total value of the crypto market was up 3% to $1.12 trillion as of 10.04 a.m. EDT, the highest since late August, data showed.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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