For the past few months, the cryptocurrency market has been relatively calm and without any major changes. For example, since April, Bitcoin has fluctuated between $26,000 and $30,000 without breaking any barriers. Some already describe it as a new "crypto winter", but this week there was an unexpected and quite significant rise.
The price of Bitcoin is around $35,000. After weeks and months without any major changes, Bitcoin rose to $31,000 last Monday. Over the next few hours, Bitcoin continued to rise, reaching $32,000, $33,000, $34,000 and $35,000 in a matter of hours. The price has now dropped significantly to around $33,800.
What is Blockchain: An Authoritative Explanation of Cutting-Edge Technology
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What is Blockchain: An Authoritative Explanation of Cutting-Edge Technology
May 2022 levels. It's been almost 18 months since Bitcoin reached its peak value. At that time, the collapses of Terra-Luna, Three Arrow Capital, Genesis, and FTX occurred, and the cryptocurrency fell to $15,000, which many said threatened its survival. What happened? It all comes down to an acronym: ETF. Exchange-traded funds, which are mutual funds listed on secondary stock markets, have been trying to embrace cryptocurrencies for some time. There are signs that these financial products could eventually be approved in the US, making it easier for the public to invest in Bitcoin and other cryptocurrencies.
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A split down the middle is visible. The fact is that with such high interest rates, Bitcoin and other cryptocurrencies are not that interesting, because traditional investments (more stable and safe) already give significant returns. This phenomenon caused a significant increase in the value of Bitcoin, and cryptocurrency enthusiasts are hoping for a repeat of what happened in other previous halvings.