Bitcoin (BTC) has risen sharply in the past few weeks, which means that we now have to wonder what exactly the increase was. It could have signaled the start of a new bull market, but it could also signal one bear market rally can be. In any case, there has been a lot of positive news, which has had a positive impact on the market.
Bitcoin sentiment positive again
All the positive news of the past few weeks is helping the Fear & Greed index. This benchmark came in at 61 early this week – meaning traders are already greedy. At the moment of writing he is at 58, which is still ‘greedy’. The bitcoin price is currently around 21,500 euros.
The surges have already created 44,000 new bitcoin millionaires. This number seems to be mainly due to the price increase. At the same time, whales seem to own fewer bitcoins than before. Last year, this number of rich people with bitcoin shrunk considerably due to falling prices.
The positive sentiment is good news, but it also means the market could overheat. Analysts warned of strong resistance and for a’long squeeze‘. So it could be that we are going to fall before we rise further.
Meanwhile, certain altcoins are doing great. The UST stablecoin of the Terra ecosystem, which went to zero last year, has risen sharply while bitcoin took a breather. The stablecoin is now called USTC and has risen by about 100% in recent days. With the altcoin Render (RNDR) are you fine too, it rose about 90% in a week. In the past three weeks, the token even increased by 300%.
FTX: help from SBF must become public
Meanwhile, the industry continues to work to solve the plethora of practical problems. In the lawsuit against former FTX CEO Sam Bankman-Fried (SBF), it has been discovered that two individuals helped SBF pay the bail by signing a loan. Bankman-Fried is now under house arrest. But the parties involved think so must be known which two individuals these are. Perhaps we will find out in the near future.
Cardano stablecoin Djed finally launched
This week, the launch of Cardano’s own stablecoin Djed (DJED) was also big news. Within 24 hours the total value locked (TVL) has already surpassed $10 million, the amount that users have committed to the protocol to create DJED. The launch of Djed caused a significant increase in usage of the Cardano network. For example, DeFi activities increased by 20%.