Amid chaos, Bitcoin passes $28,000, not seen since June
The cryptocurrency passed $28,000 for the first time since June 2022, hitting a high of $28,258 on Sunday.
The cryptocurrency passed $28,000 for the first time since June 2022, hitting a high of $28,258 on Sunday.
Bitcoin’s price has risen to levels not seen in about nine months, boosted by a combination of factors such as banking sector turbulence, inflation data beating expectations and renewed optimism for a more accommodative Federal Reserve.
Bitcoin’s price has risen to levels not seen in about nine months, boosted by a combination of factors such as banking sector turbulence, inflation data beating expectations and renewed optimism for a more accommodative Federal Reserve.
Since the beginning of the year, Bitcoin’s value has risen by nearly 70%, and other digital assets have followed suit. Ethereum, for example, is up roughly 17% since the start of last week, while Solana and Cardano, considered “altcoins,” have also rallied.
Since the beginning of the year, Bitcoin’s value has risen by nearly 70%, and other digital assets have followed suit. Ethereum, for example, is up roughly 17% since the start of last week, while Solana and Cardano, considered “altcoins,” have also rallied.
“The world’s largest digital asset Bitcoin regains momentum with a jump of 22% in just 7 days. BTC briefly broke above $28,000 on Monday as the collapse of US banks such as SVB and Signature has revived the debate about the importance of decentralized finance (DeFi) and digital assets. The FOMC meeting this week will be an important factor in the development of the market,” said Shivam Thakral, CEO of BuyUcoin, a cryptocurrency exchange.
“The world’s largest digital asset Bitcoin regains momentum with a jump of 22% in just 7 days. BTC briefly broke above $28,000 on Monday as the collapse of US banks such as SVB and Signature has revived the debate about the importance of decentralized finance (DeFi) and digital assets. The FOMC meeting this week will be an important factor in the development of the market,” said Shivam Thakral, CEO of BuyUcoin, a cryptocurrency exchange.
Over the past week, the broader markets experienced volatility due to the failure of a few US lenders, as well as fresh concerns about Credit Suisse Group AG.
Over the past week, the broader markets experienced volatility due to the failure of a few US lenders, as well as fresh concerns about Credit Suisse Group AG.
On Sunday, however, UBS Group AG agreed to buy the Swiss bank, easing some of those concerns.
On Sunday, however, UBS Group AG agreed to buy the Swiss bank, easing some of those concerns.
Despite this, some investors are still urging the Fed to stop raising interest rates. Nevertheless, midweek data showed that the core CPI had risen more than expected, underlining that the fight against inflation is far from over. As a result, it is uncertain how the central bank will respond to these mixed signals at the upcoming Fed meeting.
Despite this, some investors are still urging the Fed to stop raising interest rates. Nevertheless, midweek data showed that the core CPI had risen more than expected, underlining that the fight against inflation is far from over. As a result, it is uncertain how the central bank will respond to these mixed signals at the upcoming Fed meeting.
Despite internal strife in the digital asset arena, the token’s value continued to rise. This month, USD Coin experienced a temporary loss of its dollar peg, while the US Securities & Exchange Commission has reiterated its position that many digital assets should be classified as securities. Nevertheless, the token’s value remained resilient.
Despite internal strife in the digital asset arena, the token’s value continued to rise. This month, USD Coin experienced a temporary loss of its dollar peg, while the US Securities & Exchange Commission has reiterated its position that many digital assets should be classified as securities. Nevertheless, the token’s value remained resilient.
