On Tuesday (18th January 2023), the price of Bitcoin, the world’s most popular crypto currency, rose to 21,594 US Dollars which is the highest level that the Bitcoin price has touched in the past 4 months. This news is a sign that the crypto market is finally overcoming the slow pace that had lasted throughout 2022.The Bitcoin price was as flat as 21,174 US Dollars in September 2022, however, the Bitcoin price has raced up to a whole new level which has filled the hearts of investors with hope.
Crucial Crypto Update
Factors Behind the Bitcoin Price Rise
The global economic recession due to COVID has started slowing down recently and investors have started looking at the economy with hope.
The year 2022 has seen some discrepancies in the market of crypto currencies such as the fall of FTX. Now, that the market as a whole is functioning with full efficiency, each token is unleashing its potential such as the Bitcoin.
The Bitcoin price has also risen because of an increased number of mega investors who are termed as “whales” in the crypto market, such as large Companies and banks. These whales have piled up large stocks of bitcoins and are capable of market manipulation.
Investors who have analyzed the market have also speculated that the higher probability of decrease in interest rates in 2023 is a contributing factor towards the Bitcoin price rise.
Commenting upon the Bitcoin price rise, Mr. Vijay Ayyar, the Vice President of Corporate Development at Crypto Exchange Luno said, “There are signs this could be the beginning of a new cycle with Bitcoin, as it typically does around 15-18 months before halving.”
Crucial Crypto Update-Crucial Crypto Update
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