April 13, 2023
By Anjali Kochhar
The crypto asset rose as high as 2 per cent to reach USD 30,362. So far, Bitcoin has climbed approx 6 per cent, since the beginning of April 2023.
Bitcoin, world’s leading cryptocurrency in terms of market value, crossed USD 30,000-mark, crossing the threshold for the first time since June 2022. In fact, it has rallied more than 80 per cent since the start of 2023. Why? This sudden upsurge is attributed to a singular prediction i.e., bets on the US Federal Reserve not announcing any more rate hikes.
In fact, the predictions go as far as predicting that the US Fed might end its hawkish stance soon, prioritising economic growth over inflation.
The crypto asset rose as high as 2 per cent to reach USD 30,362. So far, Bitcoin has climbed approx 6 per cent, since the beginning of April 2023.
Crypto traders also witnessed a similar surge in Bitcoin prices, in March 2023, rising 23 per cent by the month’s end.
As of 6:57 pm IST, Bitcoin is valued at USD 30,140.28,. In the past 24 hours, the crypto asset has increased from USD 28,186.45 to USD 30,403.09 i.e.6.52 per cent surge.
Exciting it may be, Celsius, the crypto lending platform froze withdrawals, preventing a collapse. As per The Guardian, this move came as soon as Bitcoin crossed the 30,000-mark.
But here’s the catch – this is not Bitcoin’s highest market value. In fact, it’s still well below the all-time-high price of USD 68,000. Last time, this crypto asset crossed the threshold was in November 2021.
Given this threshold, Celsius may have had less to worry about. Especially since USD 30,362 is not even 50 per cent. Still, their prompt action is justified, given the FTX collapse, downfall of Teraa stablecoin which caused a persistent “crypto winter”.
Additionally, crypto traders are not entirely celebrating the steady rise of Bitcoin. This growth has in turn, sparked discussions around two possibilities –
- A potential and much-awaited cryptocurrency boom in 2023 or,
- Large Scale market manipulation in crypto assets
Alternately, amid the SVB bank collapse, several investors reinstated their faith and money in crypto assets. In fact, cryptos acted as a potential “shield”, protecting against conventional fiat economy.
Bitcoin and the overall crypto market’s surge is indeed a positive indication for traders. But the future is still uncertain, as the US Fed’s future stance remains a major doubt.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
