The crypto market continues its move up – FXStreet

Alexander Kuptsikevich
FxPro Financial Services Limited Follow Following
Bitcoin returned to growth on Tuesday and was approaching $17.5K in early trading on Wednesday, developing its smooth ascent to levels last seen in mid-December. 
Total crypto market capitalisation has risen 1% in the last 24 hours to $857bn, while top altcoins are adding between 0.1% (Cardano) and 3.9% (XRP).
Bitcoin will confirm its bullish trend if it consolidates above 17800 at the end – the highest close of the day in December. In this case, the sequence of higher highs will be started, whereas, since November, we only have a sequence of higher local lows.
Gemini co-founder Cameron Winklevoss in another open letter, called on Digital Currency Group (DCG) head Barry Silbert to step down due to $900 million in outstanding debt.
Despite DCG's accumulated problems, the price of bitcoin trust Grayscale (GBTC) rose 12% overnight thanks to news of Morgan Stanley's $3.6 purchase of Grayscale Investments' bitcoin shares. The discount in the value of GBTC relative to NAV (bitcoin market price) fell to 38% from a record 49% recorded on 13 December.
The former CTO of the bankrupt FTX exchange has begun cooperating with the investigation, which could shed light on the details of multi-million-dollar donations to US politicians by FTX and its former head Sam Bankman-Fried.
Meanwhile, DeFi project Ondo Finance has launched tokenised US Treasury bonds.
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USD Coin (USDC), the second-largest stablecoin in the crypto market, witnessed a spike in its trade volume since October last year. Crypto.com announced the delisting of Tether (USDT) for Canadian customers whilst the stablecoin battled competitors for dominance as USDC takes over with rising trade volume. 
Ripple (XRP) price has jumped over 3% early Wednesday as bulls pierce through the monthly pivot level at $0.36. This comes after a very nervous trading day on Tuesday in the US session as
Ethereum Shanghai Hard Fork is the next key milestone for the second-largest cryptocurrency by market capitalization. The event is closely followed by a token unlock, where at least 35,008 ETH will be unlocked shortly after the hard fork is successful. 
Bitcoin price continues to play an important role in curbing unnecessary optimism in the market. The bearish outlook that has developed over the last few days could result in a steep correction.
Bitcoin (BTC) price is traversing a channel that is sloping to the upside. Despite the consolidation, BTC is slowly climbing higher like clockwork. The recent Federal Open Market Committee (FOMC) Meeting on December 15 caused BTC to spike beyond the confines of the channel, but things are back to normal.
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