The value of Bitcoin (BTC) and Ethereum (ETH) has increased by more than 10% amid the ongoing global crypto cash.
BTC, the largest cryptocurrency by market value, is up 28%, while ETH, the second largest, has rocketed up by 72%, at the time of writing.
It has been said that both currencies (the largest digital tokens available) are on their way to their most successful months since 2021.
The “crypto crash” has caused many to voice strong concerns over the stability and validity of the crypto world, especially since the crash of the Terra stablecoin and collapse of major crypto hedge fund Three Arrows Capital (3AC).
Many are trying to recover from the crisis that caused a 50% loss from across the MVIS CryptoCompare Digital Assets 100 index.
However, investors in the US suggest that the Federal Reserve will cease to continue increasing [already rising] rates by the end of the year. Thus, decreasing borrowing costs in 2023 and creating a better liquidity backdrop for high-risk assets.
Venn Link Partners CEO Cici Lu said: “Signs the Fed may be nearing the end of their hiking cycle have lifted all risk assets, and crypto has also benefited. Liquidation of leveraged positions seems to be over”, and “markets may have found the bottom”.
The ETH blockchain will soon convert its proof-of-work (POW) system to a more energy-efficient proof-of-stake (POS) network.
POW consensus blockchains use enormous amounts of energy and several companies have been on a mission to ditch them for a POS system.
Alongside the rise in both BTC and ETH, as of yesterday, altcoins also increased in value Cardano (ADA) increased 9%, Solana (SOL) rose 13%, and Polkadot (DOT) grew 15%.
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