Biden’s Major Pledge Causes Mixed Trading for Bitcoin, Ethereum, and Dogecoin
Major cryptocurrencies were trading mixed on Wednesday evening and remained unaffected by the U.S. debt ceiling negotiations. Bitcoin steadily held its ground even as lawmakers continued to negotiate the debt ceiling, with the global crypto market capitalization standing at $1.14 trillion. Analyst Michaël van de Poppe believes that Bitcoin has shown a positive sign for the market and may push toward $29,000 if it sees a higher low at $27,200. Glassnode, a crypto analytics firm, has signaled bullish indicators for Bitcoin’s price models, on-chain activity, profit realization, and long-term holder supply dominance, suggesting that the bear market for Bitcoin could be coming to an end. Meanwhile, meme-inspired cryptocurrencies such as DOGE and Shiba Inu have seen astronomical trading volumes, which is not the case for the recently launched PEPE token. Despite hitting a peak daily trading volume of $2 billion, this trading volume pales in comparison to SHIB and DOGE, which achieved trading volumes of $40 billion and $70 billion, respectively, with retail participation in the Pepe rally having been “nearly nonexistent.”
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