Bitcoin enters bull market over the weekend

The rally in cryptocurrencies continues. The leading cryptocurrency Bitcoin has risen more than 10% since Friday, hitting the $21,400 levels. While the rise has exceeded 30% since the beginning of the year, Bitcoin entered the bull market at the weekend. Ethereum, on the other hand, retested the top of the last two months by seeing $ 1600. In Ethereum, the rise has exceeded 35% since the beginning of the year and continued to delight its investors. The rise is also supported by global markets. Last week, US stock markets rose by 5%, allowing the risk appetite in the markets to spread to the bottom.

Bitcoin enters bull market over the weekend

The biggest reason for the optimism in the markets last week is that the US inflation data turned out to be negative for the first time after the pandemic and fell from 7.1% to 6.5% annually. With the US inflation falling to its lowest level in 14 months, FED expectations continue to loosen. Expecting a 50-point rate hike at the next meeting before the inflation data, the market has changed its expectation to a 25-bps rate hike. It can be expected that this optimism will continue for a while in the eyes of the markets. The crypto money market, on the other hand, has been positively differentiated from the global markets for the last two weeks due to reasons such as FTX's taking back the $5 billion resource with macro data, trying to compensate for the negative performance it had last year, and the markets bottoming out with the FTX crisis. The crypto money market, whose market value has risen to over 1 trillion dollars again, thus managed to recover the losses it suffered due to the FTX crisis at the beginning of November.