Bitcoin rallied to hit the highest price point in the last two weeks following a rather troubling start to the year 2022 – this extended the recent gains made as various coins showed recovery that reflected positive market changes within the stock markets.
Blockchain analysts reported that the world’s biggest crypto by market share reached $41,983 that represented an improvement from the previous week’s 16 percent fall in value that was attributed to a host of factors contributing to a price crash.
As such, the price action was described as a 27 percent rise from the January 24 performance that had sent tags a waging following the attainment of a paltry $32,951.
Furthermore, ether, the crypto that is linked to Ethereum, reached $3,000 for the first time in a long while even as Bitcoin boasted the largest single-day gain since mid-June 2021. This was inferred by analysts as the first major bounce from the time investors had panicked about the Fed’s plans to hike interest rates in light of the worsened U.S. inflation.
As mentioned already, the Bitcoin price jump took place as U.S. stocks rose in value and came as a highlight to the realization that Bitcoin has managed to assert itself alongside other mainstream assets – they all adjust to investor risk appetite and notable business news events.
While commenting on the Bitcoin price action against the stocks rally, Ed Hindi (the chief investment officer of crypto hedge fund Tyr Capital) was quoted by The Economic Times saying:
"The current panic and volatility surrounding bitcoin is based on a fundamental misunderstanding of it as an asset class. When valuations on the Nasdaq fall, misguided institutional investors start liquidating bitcoin positions en-masse as if it were a tech stock."
In Other News: Tape Introduces a New Token
We have introduced our newest addition to our collection of services – Tape Word Token (TWT) and Tape’s NFT collection of forbidden projects.
Figure 1: TWT token metrics.
TWT is here to provide a universal platform where the Tape community (and beyond) will be able to freely share informative articles and news stories without fear of being identified, judged, or (even worse) prosecuted.
As a journalist looking to speak about controversial and potentially self-incriminating topics, your voice will be heard in a unique and resounding way – and you’ll get paid for it!
TWT will provide one of the most innovative ways for people to get passive income while fighting for universal freedom of speech. Users holding the token will receive a daily dividend, in addition to the direct payments that will be made to those who will publish news-worthy or interesting stories on the “guest contributor section” of the Tape clearnet site.
For more information, visit our page and follow updates via Tape’s official social media handles: Telegram – @NewsbyTape & Twitter – NewsbyTape)
