Wednesday was a good day for crypto traders following a very impressive Cryptocurrencies rally, which led to a considerable profit. After days of unimpressive performance in the market, Bitcoin (BTC) surprisingly led the upsurge as it reached over $36k per unit. Ethereum (ETH), which has been on a bullish run for a while, maintained its consistency throughout Wednesday’s transaction period.
Ethereum witnessed an all-time high of $1574 before the end of the day’s business deals. Polkadot (DOT), Litecoin (LTC), and Chainlink (LINK) all participated in the merry-go-round spike that occurred during the day. Each large-cap tokens recorded over a 7% increase in market value, ensuring crypto’s overall market evaluation increased by a whopping $19 Billion.
Firms reveal Earning reports following concerns about stretched US market value
As revealed by TradingView, Bitcoin’s newly reached price was the highest it has recorded in one week since its slump. It started the day somewhere at $34k but managed to gain an inexplicable financial surge resulting from many BTC tradings from customers.
It eventually ended up setting a new week-to-date high of $36,888 on Wednesday, increasing investors’ hopes of seeing the digital asset embark on another bullish journey. However, the price improvements or spike witnessed across the crypto market on Wednesday seemed to have increased concerns about the US stock market’s valuations that appeared overstretched.
E-commerce and physical stores that permit the use of cryptocurrency has been urged to provide their earnings reports amid concerns over the country’s stretched stock markets. The Alphabet and Amazon companies were first to unveil their respective earnings reports.
According to their respective websites, both companies were the principal gainers during the covid-19 pandemic-enforced shutdown after recording a high amount of sales during the time in review. Spotify Technology and Apollo Global Management are expected to disclose their respective earnings reports before Wednesday’s opening bell. Qualcomm and Costco Wholesale will do the same after the day’s business closing bell.
Bitcoin market value could suffer from proposed stock market Bubbles
As the US stock market continues to feel the negative impacts of covid-19, Bitcoin’s value in the country might be affected by a predicted stock market bubbles. In March last year, during the heat of the pandemic outbreak, there was a crash in the global financial market, which forced traders to sell their assets due to the fear of a price crash.
Stock market analyst predicts the same thing could happen later in the year due to a spike in the second wave of the pandemic. However, US Bitcoin traders are keeping close tabs on the ongoing talks between lawmakers over another round of coronavirus stimulus measures.
Though Joe Biden had already pledged the support of a $1.9 trillion aid to save the country’s economy, the Republicans aren’t on the same page with the newly inaugurated president, limiting the aid to $618 billion. Should the Republicans grant Biden’s request, Bitcoin will stand higher chances of maintaining its newfound rise in price while Ethereum will continue its medium-term bullish bias.