we will be seeing a new ATH for $BTC soonest šš
BitcoinĀ has been making waves recently! OnĀ March 5, 2024, itĀ crossed $68,900, reaching the highest price in itsĀ 15-year history. This remarkable achievement comes less than two years after a tumultuous industry-wide crypto meltdown that wiped out billions of dollars and led to the criminal convictions of industry giants Sam Bankman-Fried and Changpeng Zhao. After the fall of Bankman-Friedās FTX in November 2022, bitcoin plummeted below $17,000.Ā However, it has since rebounded significantly.
Here are some key factors contributing to bitcoinās record-breaking moment:
Macro Trends: Bitcoinās value has often mirrored larger macroeconomic trends. When interest rates declined during the pandemic, making borrowing and investing easier, bitcoin surged. Conversely, when interest rates spiked due to Russiaās invasion of Ukraine and central banksā anti-inflation efforts, bitcoin retreated. Currently, interest rates remain high, but the Federal Reserveās decision to halt rate hikes and implement cuts has eased inflation concerns. A strong U.S.Ā economy with job growth and rising wages also favors risky assets like bitcoin
Regulatory Victories: Bitcoinās ascent has been bolstered by legal victories against one of its adversariesāthe U.S. Securities and Exchange Commission (SEC). The SEC has historically been skeptical of cryptocurrencies and has pursued cases against companies it deemed illegal.Ā However, a judge ruled in favor of Ripple, a crypto company, last July
While the future remains uncertain, the crypto community is closely watching as bitcoin continues its upward trajectory. šš DYOR.
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