Bitcoin on the Rise?
Since November 7, 2022, Bitcoin, the leading cryptocurrency, hasn’t shown any signs of recovery. The cryptocurrency, which was trading at $17,000 before the FTX issue, surpassed $21,000 on Thursday, January 14th 2023.
Although it is still a long way from the $68,000 cryptocurrency price, traders, investors and enthusiasts were pleased to see the sun rising.
The total market value for cryptocurrency increased by around 19% from $831M (November 2022) to $990M.
The cryptocurrency chart may show green strokes, which could indicate investment and profit. However, it’s important to comprehend why the market is expanding and whether it is sustainable. The popularity of bitcoin has grown because it is more widely accepted than expected due to the better US economic data. Traders were encouraged to anticipate a decrease in interest rates by the drop in inflation from 7.1% to 6.5%.
Bitcoin was once a means of protecting against inflation, but that wasn’t the case in 2022. Cryptocurrencies respond in a similar way to the stock market’s response to macroeconomic and microeconomic factors.
What is contributing to the Rise
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