Bitcoin (BTC) has gained traction and surged to a 10-month high of $30,500. The cryptocurrency market posted its best month since this year started, gaining 20 percent in March and more than 80 percent year-to-date.
Bitcoin crossed $30K today to reach its highest price in months
What comes next for the crypto market?
— GDC World (@gdc_world) April 12, 2023
At the time of writing, the global crypto market valuation was $1.23 trillion, up 1.20 percent in 24 hours.
The value of the global #crypto market increased to $1.23 trillion,the price of #Bitcoin (BTC) has risen above $30,000 once again. Additionally, following the anticipated #Ethereum Shanghai Upgrade, the price of ETH has also risen above $1,900. pic.twitter.com/66MavqOcUj
— Coinpedia – Fintech News (@CoinpediaNews) April 13, 2023
However, the gaining momentum in Bitcoin price is fueled by several reasons, including the US banking crisis, increasing inflation, and recent advancements in the crypto industry.
Bitcoin Price
Bitcoin currently trades at $30,231, with a 24-hour trading volume of $19 billion. Bitcoin has increased by 1% in recent hours.
Factors Fueling Bitcoin’s Price Surge: US Banking Crisis, Inflation, and Crypto Advancements
Specifically, the current spike in Bitcoin’s price came after the mildly positive inflation data and the Ethereum Shanghai upgrade. Furthermore, consecutive positive remarks about BTC’s future price made by many notable individuals in the sector were viewed as another crucial reason supporting the further rise in BTC’s price.
According to Mike Novogratz, Bitcoin, and Ether will outperform competitive investments such as gold and the euro as the Federal Reserve moves towards easing its interest rate increases following recent bank failures.
This statement was a positive factor for Bitcoin and Ether, suggesting that BTC may continue to gain value and perform well.
Higher Inflation and Growing Adoption by Big Companies Drive Up Bitcoin’s Price
The global cryptocurrency market has been performing well lately, and the reason could be tied to the rising inflation, which makes investors worried about their traditional investments losing value.
Thereby, Bitcoin is a popular alternative because it’s not controlled by any government or central bank, which makes it less likely to be affected by inflation.
Today’s CPI report shows continued progress in our fight against inflation.
Inflation has now fallen by 45% from its summer peak. Gas prices are down, and grocery prices fell last month for the first time since September 2020. pic.twitter.com/JlG7CVzKNu
— Joe Biden (@JoeBiden) April 12, 2023
As a result, more people are investing in Bitcoin, increasing its price.
Novogratz Predicts Bitcoin Could Rise as Fed Eases Interest Rates
Mike Novogratz, the founder of Galaxy Digital Holdings Ltd., expects gold, the euro, and cryptocurrencies like Bitcoin and Ethereum to perform well as the Federal Reserve prepares to ease its interest-rate increases.
Mike Novogratz, founder of U.S.-based cryptocurrency financial services firm Galaxy Digital, believes bitcoin and ethereum, along with gold and the euro, will outperform other investments as the Federal Reserve (Fed) begins to ease up on rate hikes.
According to Novogratz— Mwng Qi (@sevensxm) April 13, 2023
It should be noted that the recent bank failures have led to concerns about a potential credit crunch, which will likely result in fewer borrowers and a slower economy.
Novogratz believes this will prompt the Fed to cut rates more aggressively than expected, leading to a rise in Bitcoin prices. Bitcoin has already reached $30,000 for the first time since June 2022, and Novogratz thinks it could reach $40,000 as long as the Fed plays out as it expects.
Argentina Approves First Regulated Bitcoin Futures Index in Latin America
Argentina’s securities regulator, the National Commission of Value (CNV), has approved the country’s first regulated Bitcoin futures index, which will start trading in May on the Matba Rofex exchange.
Bitcoin Goes Legit In Argentina: Securities Regulator Approves BTC Index Futures Contracts On Rofex Exchangehttps://t.co/vjzjI2ZlYW#BTC #BNB #BSC #Binance #Crypto #Cryptocurrency #Blockchain #NFT #NFTs #Cryptopedia #DeFi pic.twitter.com/E5BBnrsQhF
— CryptoKevin (@cryptopediaK7) April 13, 2023
It is worth noting that the launch of the regulated Bitcoin futures index offers qualified investors a safe and regulated way to gain BTC exposure in a transparent environment.
The approval of the Bitcoin futures index comes amid growing interest in cryptocurrencies in Argentina, where citizens have turned to Bitcoin to mitigate the effects of high inflation.
This news could potentially lead to an increase in Bitcoin adoption and trading volume in Argentina, which may impact the BTC price positively.
Alternative Coin – DeeLance
DeeLance, a Web3 recruitment marketplace, is garnering significant interest as it seeks to revolutionize the industry, with its popularity on social media rising. Just a week after launching its presale, the decentralized hiring platform has begun trending on Twitter in India.
Within only a few days, DeeLance has raised close to $117,959 during its native token, $DLANCE, presale. As of now, one can buy a share of $DLANCE for $0.025.
At present, the blockchain-based recruitment project is in its initial presale phase; however, the price will increase to $0.27 once the second stage begins.
The DeeLance presale website accepts Ethereum (ETH), Tether (USDT), and credit card payments processed by Transak for the acquisition of $DLANCE tokens.
Related News:
- Ethereum Price Prediction – Can ETH Reclaim $2,000 After Shapella and Stake Derisking?
- Conflux Web3 Is Dumping While DeeLance Metaverse Raises Over $100,000
- Bitcoin Price Breaks Above $30,000 While ecoterra Climbs Past $457,000
What's the Best Crypto to Buy Now?
- B2C Listed the Top Rated Cryptocurrencies for 2023
- Get Early Access to Presales & Private Sales
- KYC Verified & Audited, Public Teams
- Most Voted for Tokens on CoinSniper
- Upcoming Listings on Exchanges, NFT Drops
This article was written for Business 2 Community by Arslan Butt.
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