The Fed raised rates again and as some market analysts had anticipated, this lifted the price of Bitcoin. The most famous cryptocurrency managed after 7 weeks to be very close to US$22,000, a value that makes savers optimistic.
This increase brings the price of BTC back to the levels it was in last September. The inflationary process and the protectionist measures of the United States had affected the exchange value.
Savers and investors from all over the world had been watching for a long time how the cryptocurrency had lost momentum, fell after historical values in the pandemic and it seemed that the cycle was not close to ending.
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It was the shift to a 75 basis point interest rate hike by the Fed that turned the tide. Ordinary savers, who had opted for traditional systems, seem to have returned to Bitcoin. The alternative theory of various economists and finance specialists is that this currency continues to be more reliable in mid- and long-term plans.
This year, bitcoin has fallen more than 50% in its market price. However, and although it is up to 70% below its all-time high, the market capitalization continues its rise compared to the previous market cycle. For some traders, it is a time to buy. In the short term, certain indicators seem to point to the risk of BTC falling back below $20,000; a latent concern in the market.