Bitcoin Crosses $30,000 for the First Time Since June 2022
Bitcoin (BTCUSD) has surged almost 9% so far this week and touched a 10-month high.
Last week, Bitcoin touched its was trading around $28,000 levels and as soon as it broke this level on April 7, 2023, BTC started surging and touched $30,000 on April 23, 2023.
Bitcoin, which was at some point seemingly attached to around $20,000 level “forever”, nevertheless, started showing upside movement, once the news of the fallout of technology-focused Silicon Valley Bank in the U.S. went bankrupt. Since then, Bitcoin has witnessed a sharp rebound in its prices and climbed nearly 80% up this year.
The global cryptocurrency market capitalization is trading higher around $1.24 trillion, which constitutes a rise of almost 4.49% in the last 24 hours. At this time, experts believe that the next key level for BTC to cross is $35,000, if the upside price momentum continues.
Crypto experts believe the surge in BTC is fueled by the probability that the Federal Reserve (Fed) is expected to likely pause its aggressive stance to curb inflation by increasing interest rates one more time. With the U.S. banks showing advanced credit risks battered by consecutive rate hikes, and recession fears engulfing the U.S. economy, the Fed is expected to slow down its aggressive stance on policy rates.
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