Bitcoin Soars USD Crypto Recovery. Amid a storm of layoffs that hit dozens of global crypto exchanges, the price of Bitcoin over the weekend recorded a sharp rise above 21,000 US dollars in trading Saturday (14/1/2023).
This surge was the highest in two months, bringing the cryptocurrency industry’s total market capitalization to over $1 trillion in just the last 24 hours, according to data from Livemint. After previously Bitcoin was hit by a bear market and its price fell in the range of 16,000 US dollars per chip.
The price of BTC started rising earlier this week after the US government released its December Consumer Price Index report which fell to 6.5 percent.
America’s inflation fell compared to November 2022 which was pegged at around 7.1 percent. This decline then gave a signal to investors that there would be an easing of interest rates by the US central bank or known as the Fed at a meeting next week.
Bitcoin Soars USD Crypto Recovery. The strengthening of prices on the Bitcoin market was also encouraged by the announcement from lawyers of FTX regarding the settlement of the liquid asset debt of investors amounting to 5 billion US dollars.
Even though the current Bitcoin price on the Coinmarketcap market, Sunday (15/1/2023) is slumping in the range of 20,666 US dollars, this has not made cryptocurrency trading sag, instead these digital coins have recorded green report cards for the last 24 hours.
Among them, Ethereum shot up to US$1,523 from US$1,264 last week, then Polkadot rose 4.41 percent to US$1,523 per chip followed by Solana which bulled 3.93 percent to US$22.85.
Apart from lifting the crypto market, the increase in Bitcoin this week has also reduced the psychological level of investor sentiment in digital asset trading to “fear”. After last week being at the level of “extreme fear” which indicates that investors are too worried about a prolonged decline in prices.
While traders and technical analysts cannot predict accurately how long the Bitcoin bull market will last. But based on independent market historical data Rekt Capital, Bitcoin is currently below its 200-week moving average and it is likely that Bitcoin price has reached a macro bottom.