we will be seeing a new ATH for $BTC soonest đđ
Bitcoin has been making waves recently! On March 5, 2024, it crossed $68,900, reaching the highest price in its 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-Friedâs FTX in November 2022, bitcoin plummeted below $17,000. However, it has since rebounded significantly.
Here are some key factors contributing to bitcoinâs record-breaking moment:
Macro Trends: Bitcoinâs 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 Russiaâs invasion of Ukraine and central banksâ anti-inflation efforts, bitcoin retreated. Currently, interest rates remain high, but the Federal Reserveâs decision to halt rate hikes and implement cuts has eased inflation concerns. A strong U.S. economy with job growth and rising wages also favors risky assets like bitcoin
Regulatory Victories: Bitcoinâs ascent has been bolstered by legal victories against one of its adversariesâthe U.S. Securities and Exchange Commission (SEC). The SEC has historically been skeptical of cryptocurrencies and has pursued cases against companies it deemed illegal. 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. đđ DYOR.
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