Hello InformationWar platform! It's a beautiful day to share with you happenings around the cryptoverse and how the crypto movement is unstoppable irrespective of the threats from Fed. Good evening!
It's been most of dangling in the price of Bitcoin and other cryptocurrencies and it's as if it'll not get better, but the collapse of Silicon Valley Bank and other high ranking banks saw the rise of Bitcoin.
It's been over a year now since we experienced any upward trends of Bitcoin above $30k mark but thanks for breaking the mark today.
Major cryptocurrency bitcoin breached the key $30,000 level for the first time in 10 months on Tuesday, adding to its steady gains as investors raised bets that the U.S. Federal Reserve will soon end its aggressive monetary tightening campaign.
Bitcoin peaked at $30,438 in Asian trade and was last up 1.4% at $30,070. It has gained nearly 6% since the start of the month, after rising 23% in March.
While the entire US is waiting for Fed's inflation report Wednesday to assess the Fed's next steps after banking sector turmoil in March raised expectations that the central bank would let up on rate hikes to ease stress on the sector and plans to increase interest rates, the crypto giant (Bitcoin) hiked above $30k.
Boosting the case for rate hikes, however, Friday's closely-watched U.S. nonfarm payrolls (NFP) report showed that employers maintained a strong pace of hiring in March, pointing to a still-resilient economy.
"There were some expectations of a potential miss on NFP on Friday, and that's bolstered confidence coming into CPI," said Joseph Edwards, investment adviser at Enigma Securities.
Crypto investment products attracted $57 million in inflows last week. Majority of these money flowed into Bitcoin, although it affected most of the cryptoverse. With the amount of cash inflows into cryptocurrencies, it's expected to rise quickly, but no one thought that it'll move up to $30k.
"The market has done a great job at culling all leveraged participants in the past 18 months," said Matthew Dibb, chief investment officer at Astronaut Capital, a Singapore-based crypto asset manager.
"If (bitcoin) can survive the week over $30,000, we are going higher."
Ether , the second largest cryptocurrency, stood near last week's roughly eight-month peak of $1,942.50. It was last up 0.5% at $1,920.40.
The question is, does this hike means that we're heading towards a bullish run or there's more to this in the nearest future? Whatever the case may be, the truth is that no one can stop the rise of cryptocurrencies, because it's the future of the world's economy.