Bitcoin Rate Exceeded $35K, and ETH Overpassed $2K. What Influenced the Market?
Bitcoin rate briefly rose to $35,289 after the news on Twitter that Paraguay is preparing a bill to recognize Bitcoin as a legal tender.
Later, the price of Bitcoin dropped slightly below the key short-term resistance level again.
On June 23, the Cryptocurrency Fear and Greed Index was 14. And on June 24, the indicator rose to 22. This was due to the fact that traders began to view the decline below $29,000 and the increase in an open interest for Bitcoins as a possible ending of the current corrective phase.
On Friday morning, June 25, following the news from the US President Joe Biden about reaching an agreement with the Senate on a $953 billion bipartisan infrastructure spending plan, indicators began to rise in traditional markets.
Following this announcement, the S&P 500 and Nasdaq added 24.65 points and 97.98 points, respectively. And the Dow rose more than 322 points in one day.
As the price of Bitcoin and traditional markets rose, altcoins also ran up. Ethereum climbed above $2,000. Tron (TRX) is up 26% and CELO is up 28%.
At the time of writing, the total cryptocurrency market capitalization was $1.4 trillion and Bitcoin’s dominance rate was 46.6%.