Market picture The crypto market made another leap forward on Tuesday afternoon after spending less than 24 hours in consolidation mode.In the last day, the total crypto cap reached $1.6 trillion, up 3.9% in a day, 11% in a week and 20% in 30 days.The acceleration in recent days is evident, which may reflect both speculators hastily closing short positions and increasing FOMO.Bitcoin is adding over 5% in 24 hours, trading near $43.7K at the time of writing and touching $44.5K at the start of the day.Previously, we have repeatedly noted “thin air territory” in the $40-46K range.
The market did not linger here in previous times, and we should look for hints of turning points not earlier than the $46-47K area, where there was a reversal in March last year and temporary support in 2021.[Ethereum](https://www.fxstreet.com/cryptocurrencies/ethereum) tested $2300 but has so far quickly retreated to $2260.
In the dynamics of ETH since the middle of last year, a broad upward channel can be identified, the upper boundary of which now passes through $2430.It is worth being prepared for the bulls to pull the price closer to these levels before deciding to take profits.News background According to unconfirmed rumours, Qatar’s sovereign wealth fund is preparing to enter the crypto market with huge investments and invest up to $500 billion in VTS, said Max Kaiser, advisor to the president of El Salvador.In his opinion, VTS may soon overcome the $150K mark and go further.Bloomberg Intelligence strategist Mike McGlone believes Bitcoin is now showing much more strength than gold, which hit record highs earlier in the week but then collapsed 5%.
Brazil’s largest bank, Itau Unibanco, has launched a Bitcoin and Ethereum trading service for clients of its investment platform, confirming its willingness to become a full participant in the country’s growing cryptocurrency market.Tether’s unrealised profits from [Bitcoin](https://www.fxstreet.com/cryptocurrencies/bitcoin) investments reached $1.1 billion.According to EmberCN, Tether holds 57,576 BTC with a purchase price of $22,480 per coin.Cryptocurrencies have spent a record $19 million on lobbying in the US this year.The leader in spending on defending its interests was [cryptocurrency exchange](https://www.fxstreet.com/cryptocurrencies/resources/brokers-best-cryptocurrencies-exchanges) Coinbase, which this year allocated $2.16 million for lobbying.Trade Responsibly.
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The Analysts’ opinions are for informational purposes only and should not be considered as a recommendation or trading advice.[Join Telegram](https://t.me/fxstreetcrypto) Follow us on Telegram Stay updated of all the news Recommended Content Editors’ Picks [Dogecoin price bullish outlook intensifies as DOGE turns 10](https://www.fxstreet.com/cryptocurrencies/news/dogecoin-price-bullish-outlook-intensifies-as-doge-turns-10-202312060200) [](https://www.fxstreet.com/cryptocurrencies/news/dogecoin-price-bullish-outlook-intensifies-as-doge-turns-10-202312060200) Dogecoin price has sustained the bullish outlook since October 18, when the broader market turned green, leading meme coins in an uptrend, which is no mean feat.The 65% climb has ushered the dog-themed cryptocurrency to its tenth birthday since its official launch on December 6, 2013.[More Dogecoin News](https://www.fxstreet.com/cryptocurrencies/news?q=&hPP=15&idx=FxsIndexPro&p=0&dFR%5BTags%5D%5B0%5D=Dogecoin) [Bitcoin-based meme coin ORDI price action wobbles after 1,100% rally](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-based-meme-coin-ordi-price-action-wobbles-after-1-100-rally-202312060201) [](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-based-meme-coin-ordi-price-action-wobbles-after-1-100-rally-202312060201) The Bitcoin-based BRC-20 meme coin, which had people confused as being an actual valuable token, is now slowly creeping up to that status.
ORDI price rise over the past couple of days has been astonishing, and with BTC driving the price and crossing $44,000, ORDI is also gaining rapidly.But not for long.[More Ordi News](https://www.fxstreet.com/cryptocurrencies/news?q=Ordi&hPP=15&idx=FxsIndexPro&p=0) [Arbitrum price veers as hard fork proposal receives 99.84% votes in favor](https://www.fxstreet.com/cryptocurrencies/news/arbitrum-price-veers-as-hard-fork-proposal-receives-9984-votes-in-favor-202312060126) [](https://www.fxstreet.com/cryptocurrencies/news/arbitrum-price-veers-as-hard-fork-proposal-receives-9984-votes-in-favor-202312060126) Arbitrum’s price surpassed expectations as the altcoin managed to restrict the fluctuation over the past 24 hours.This is because ARB was forecasted to rally following the result of the proposal to essentially hard-fork the chain.[More Arbitrum News](https://www.fxstreet.com/cryptocurrencies/news?q=Arbitrum&hPP=15&idx=FxsIndexPro&p=0) [Bitcoin price hits $44,000 as Coinbase CEO speculates BTC could be key to extending Western civilization](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-hits-44-000-as-coinbase-ceo-speculates-btc-could-be-key-to-extending-western-civilization-202312052359) [](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-hits-44-000-as-coinbase-ceo-speculates-btc-could-be-key-to-extending-western-civilization-202312052359) Bitcoin (BTC) price has revisited levels last seen in April 2022, prior to the collapse of the Terra UST ecosystem.Its foray above the $42,000 psychological level has market watchers enthused.
[More Bitcoin News](https://www.fxstreet.com/cryptocurrencies/news?q=&hPP=15&idx=FxsIndexPro&p=0&dFR%5BTags%5D%5B0%5D=Bitcoin) [Analyzing potential $30k corrections ahead of BTC ETF approval](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-analyzing-potential-30k-corrections-ahead-of-btc-etf-approval-202312011210) [](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-analyzing-potential-30k-corrections-ahead-of-btc-etf-approval-202312011210) Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level.After three weeks of consolidating around this level, BTC shows no directional bias whatsoever.Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.[Read full analysis](https://www.fxstreet.com/cryptocurrencies/news/bitcoin-weekly-forecast-analyzing-potential-30k-corrections-ahead-of-btc-etf-approval-202312011210).