Last week’s historic cryptocurrency crash reached a new high on Monday, when Bitcoin price fell to $48,800, according to Binance data. The economic collapse in Japan and geopolitical events in the Middle East are likely to have had a significant impact. Nevertheless, BTC has since recovered and is now approaching the $60,000 mark, News.Az reports, citing Cointurk.
Why is the Bitcoin price rising?
The latest data from the US appears to have had a positive impact on the market. Despite recession concerns and increased expectations from major companies, unemployment figures were lower than expected, which may have had a significant impact on the market.
The expectation that the US Federal Reserve could cut interest rates quickly is also said to have had a positive impact on the price increase. Bitcoin quickly recovered from $48,800 to over $55,000. In addition, the news that major US investment firms did not sell BTC despite the declines had a significant impact on the price increase.
Finally, tensions in the Middle East have temporarily calmed down, reducing global uncertainty somewhat.
What is the current price of Bitcoin?
After hitting $70,000 last week and then seeing a sharp decline, Bitcoin is closing in on $60,000 by the end of the week. At the time of writing, BTC is trading at $58,077, following a 1.70% increase today.
BTC’s RSI indicator has also risen above the neutral zone of 50, indicating increasing buying pressure. BTC’s market cap has risen to $1.143 trillion while the 24-hour trading volume continues to decline. The trading volume fell by 9.62% to reach $40.1 billion.
News.Az
