O Bitcoin (BTC) rises about 3% to $16,888 and pulls the Ether (ETH), which is up about 5.3% to $1,276. André Franco, chief analyst at Mercado Bitcoin, says that the movement can be linked to a relief in the macroeconomic scenario and a milder pricing of the FTX crisis.
“There is the macro, which was already relieving. The perspective that the market will improve over time in the macroeconomic issue is kind of given until the end of the year. It also seems that everything we are looking at about contagion in FTX, is in the account, or has passed,” he explains.
For him, even BlockFi’s bankruptcy filing, and the fact that it does not offer a price, signals a bottom for the market and risk assets tend to perform well.
“At least until the end of the year, when we should have a very clear path to reduce the acceleration of interest rate increases”, he concludes.
The market value of cryptocurrencies also rises 2%, and reaches the level of US$ 847.80. The predominance of the market points to Bitcoin (BTC) representing 38.1% of this market cap, and Ether 18.3%.
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