Bitcoin’s level of $25,031 on Sunday is the biggest rally since mid-June. Bitcoin is currently holding around $24,750 and it is seeing slight volatility. Ether has also crossed the $2,000 level.
bitcoin price rise: bitcoin price jumped more than 2 percent
Good news for crypto investors. Falling face to face amid rising interest rates of US Fed bitcoin Got some life now. Bitcoin has seen a long rally since mid-June. Bitcoin is currently trading above $25,000. Two reasons are being given for this. First, the impact of US inflation data on crypto is not as expected. And second, the Bitcoin price has also benefited from the upgrade to Ethereum. The cryptocurrency saw its biggest recent rally on Sunday when it jumped 2.2 percent. With this, bitcoin reached the level of $ 25,031.
Bitcoin’s level of $25,031 on Sunday is the biggest rally since mid-June. Bitcoin is currently holding around $24,750 and it is seeing slight volatility. Almost the same speed is being seen for the last five days. After the release of the Consumer Price Index in the US, bitcoin continues to rise. The US index is lower than expected, due to which relief is being seen in the market. Crypto investors are also happy with this.
Like bitcoin, ether is also seeing a rise. This cryptocurrency has also crossed the level of $ 2,000 after several days. On Sunday, it saw a rise of 2 percent and the price of one ether reached $2,030.50. This rise of Ether has been seen after 31 May. After May, there was a ruckus in the market of many countries of the world due to inflation data and recession. This has also had an impact on cryptocurrencies. But now Bitcoin and the second largest cryptocurrency after Ethereum, continues to improve.
Why did cryptocurrencies fall?
Since the beginning of the first half of this year, the cryptocurrency has been witnessing a steep decline. According to a Bloomberg report, the US Federal Reserve increased interest rates to control inflation. The effect of this was seen that the prices of bitcoin, ether and other tokens fell by 50 percent in the market. Last week, the US Fed’s data was released, which shows that the threat estimates are not the same. The Federal Reserve will not take very strict measures to control inflation. This has brought great relief to the crypto market and it is seeing a boom.
Bloomberg data shows that both Ethereum and Bitcoin saw declines between mid-January, but both rose sharply by February. The highest rally was seen in mid-March when Bitcoin was seen at around $50,000 and Ethereum around $4,000. Both cryptos were bullish throughout April, but started declining from May. This is the month when crypto was seen to have an impact on fears of a Fed rate hike due to inflation. In June, both the currencies almost collapsed, but from mid-August, the momentum has started showing.