The largest cryptocurrency briefly surpassed $17,000 following data that suggested U.S. services businesses were slowing down. Traders in both traditional and digital asset markets interpreted this information as a sign that the Federal Reserve may soon be able to scale back its efforts to tighten financial conditions. But it took a few more days for bitcoin to firmly cross a barrier that essentially had been capping gains since mid-December.
Analysts were quick to note that price charts are still leaning downward, but David Duong of Coinbase Institutional stated in a research that a push beyond $17,100 might put bitcoin on course for the next technical level, which is approximately $17,800. The 64% price decrease of bitcoin last year, the worst yearly performance in four years, was significantly influenced by the central bank’s past week’s monetary tightening.
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— Sjuul | AltCryptoGems (@AltCryptoGems) January 9, 2023
In the 24 hours leading up to 8 a.m. in Hong Kong, Bitcoin increased 1% to reach US$17,117, breaking the US$17,000 level for the first time since late December, and the price has increased 2.9% week-over-week. CoinMarketCap reports that Ether increased 1.9% to $1,287, a 7.3% weekly increase.
Cardano increased 7.3% to trade at US$0.29, increasing 18.8% over the previous seven days. The native cryptocurrency of the Cardano blockchain, ADA, entered the top 10 most used cryptocurrencies for payments for the first time during the time of this price surge.