Bitcoin
Bitcoin Breaks $30,000 for the First Time in a Year
Bitcoin Breaks $30,000 for the First Time in a Year
Bitcoin has soared past $30,000 for the first time in a year, after the cryptocurrency was on a downward trend earlier in the month.
The price of bitcoin rose by 5% on Monday to reach $30,823, before dipping back to just above $30,700. Other cryptocurrencies also saw an uptick, with ether rising by more than 6% to reach $1,860
Market Rebounds Following China Crackdown
The cryptocurrency market has made a strong rebound after major exchange crackdowns in China and increasing regulatory scrutiny around the world triggered a major sell-off earlier this month. Bitcoin had dropped to under $29,000 on June 22, before bouncing back over the last few days.
Reasons for Price Jump and Bullish Sentiment
While there is no one single reason for the surge in bitcoin price, several factors have contributed to the optimistic sentiment in the cryptocurrency space. These factors include:
– The increasing adoption of cryptocurrencies by governments and corporations worldwide. El Salvador passed a law making bitcoin legal tender earlier this month, while several corporations, including MicroStrategy and Tesla, have invested billions in bitcoin as a reserve asset.
– The emergence of a new wave of institutional investors, including hedge funds and investment banks. Goldman Sachs recently announced plans to launch a crypto trading desk and offer bitcoin derivatives to its clients.
– The halving of the bitcoin mining rewards in 2020, which has made the cryptocurrency scarcer and more valuable over time.
Expert Opinions
Several cryptocurrency experts have shared their opinions on the recent surge in bitcoin price:
“The fact that bitcoin was able to recover so quickly from the end of June low of below $29,000 demonstrates the strength of the market, at least in the short term” – Simon Peters,a well known crypto analyst within th eindustry.
Future of Bitcoin and Cryptocurrencies
While the recent surge in bitcoin price has sparked optimism in the crypto market, experts remain divided on the future of cryptocurrencies. Some believe that cryptocurrencies will continue to rise in value and gain wider adoption, while others warn of a potential market crash and a bubble bursting.
As with any emerging technology or asset, it is important for investors to do their own research and due diligence before making any investment decisions.
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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