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Trader says Bitcoin and crypto markets need ‘chaos’ for price growth
Bitcoin (BTC) and ether (ETH) remained little changed over the past 24 hours amid tepid price catalysts and fading volumes in both spot and futures markets.
The price of bitcoin appeared set to retake the $27,000 level early Wednesday, but the rally was turned back alongside a renewed slide in the U.S. stock market.
FxPro markets analyst Alex Kuptsikevich told CoinDesk in a daily note that while cryptocurrencies saw increased buying equity markets were under the most pressure as the dollar was gaining momentum. However, this momentum didn't last long, which dampened bullish outlooks.
“These growth impulses promise to remain a bull trap, offering the best opportunity to sell on the upside,” Kuptsikevich said.
The trader added that the crypto sector could need banking problems or uncertainty about the solvency of governments to generate sustainable growth momentum.
“Recent moves in bond markets show that something like this is brewing,” Kuptsikevich explained, stating that bitcoin and other cryptocurrencies “need financial chaos for growth.”
Meanwhile, alternative tokens were some of the only volatile assets in the crypto market as bitcoin cash (BCH) jumped 8% and DeFi protocol Maker’s MKR tokens rose 7%. Growth in MKR could be tied to an increase in wallet balances holding the token on exchanges, indicating demand.
#ContentStart# #GateioLive# #HotTopicDiscussion# #GateioBountyCreator# Cypto stories: Kristoffer Koch
Norway, 2009. Student Kristoffer Koch is working on his dissertation about encryption when he learns about something called Bitcoin.
As an experiment, Koch bought 5,000 BTC for 150 Norwegian kroner (about $25) just for fun, which earned him a free lecture from his girlfriend about constantly buying stuff that he never uses.
In reality, his girlfriend was right: Koch had forgotten about the Bitcoin he bought until 2013, which was the year when the media began to cover the phenomenon of cryptocurrencies and encrypted networks.
Koch remembered his Bitcoin, found his password to the exchange, and discovered that his Bitcoin had grown from $25 to $885,000 🙂
What he did next was indeed shrewd: Instead of withdrawing everything at once, he withdrew only one-fifth to buy an apartment in Oslo.
It’s funny that the 2013 peak for Bitcoin was just over $1,000, and now it’s... Well, you know how it is :)
Koch was certainly wise to hodl his Bitcoin and keep it#ContentStar#$BTC$ Ethereum (ETH) also surged on Wednesday, with the cryptocurrency reentering the $1,600 region.
ETH/USD peaked at $1,626.65 earlier in the day, which comes less than 24 hours after falling to a low of $1,580.17.
Wednesday’s gain comes as ETH climbed higher for a third straight day, breaking out of a resistance level of $1,620 in the process.
Traders will now likely be targeting a higher point of resistance at $1,670, however there are first some obstacles to overcome.
A ceiling of 51.00 on the RSI indicator will be the first hurdle, with price strength currently hovering just below this point.
#ContentStar# $BRWL rises 44% after Unveiling Brawl4All
Gate.io News: $BRWL, the utility token of the Blockchain Brawlers, a P2E featuring a hilarious & entertaining cast of NFT characters, enabling players brawl, earn, & craft their way to fame & fortune, is up by 44% in the past 24hours, & now trades at $0.00554, with inflow of $7.81k, as per Gate.io chart.
This follows the recent Introducing of “BRAWL4ALL”, a wrestling extravaganza tailored to entertain every kind of brawler both newbies looking for some light-hearted fun & seasoned pros on the WAX Blockchain. 
