Bitcoin price tests $30,000 again

According to data from the analysis firm Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, has increased by approximately 3.1 percent in 24 hours, surpassing $1.12 trillion.

The price of Bitcoin, the largest cryptocurrency, rose by 3.5 percent as investors' risk appetite increased following analysts' assessments that the Fed would act cautiously in raising interest rates given current uncertainties and risks.

Having thus climbed above $30,000, Bitcoin is trading at $29,588 as of 17:20 TSI. Bitcoin had been trading below $30,000 since August.

Meanwhile, Bitcoin's value increase over the last 7 days is approaching 11 percent, while its market capitalization has exceeded $579 billion.

IT REACHED ITS HIGHEST LEVEL IN NOVEMBER 2021

Bitcoin, which was at its all-time high of $68,990 in November 2021, has lost approximately 56 percent of its value since that date.

On the other hand, speculation continues regarding the launch of the first Bitcoin spot ETF in the US.

This week, reports suggested that the US-based world's largest asset management company, BlackRock, had been given the green light for such a fund. This caused the price of Bitcoin, which provided a temporary rise, to test $30,000. However, it later turned out that the news was unfounded.

Analysts view the introduction of a spot ETF for Bitcoin as an important step toward the further distribution and adoption of the digital currency.

Ethereum, which ranks second in terms of market capitalization, also gained more than 3.50 percent in the last 24 hours, rising to the $1,610 level.

News Source: 12punto