Cryptocurrency is reaffirming its reputation as a volatile investment. Recently, Bitcoin (BTC) reached new all-time highs before undergoing a correction of almost 20%. However, not long after, the coin rose again by 10%.
Bitcoin’s recent recovery indicates that the currency appears to be gearing up for another surge. In this article you can read why the Bitcoin price is rising again today.
1. Positive interest rate news
The Federal Open Market Committee (FOMC) reached a unanimous agreement to leave the federal funds rate unchanged. This decision was in line with market expectations and provided reassurance to investors that no rate hikes are planned in the near term.
The news was positively received by investors, especially in light of the recent higher-than-expected inflation rates in America.
2. Coinbase premium increase
Another crucial factor is the change in Coinbase Premium, which shifted into positive territory. The Coinbase Premium refers to the price difference between Bitcoin’s price on the well-known American crypto exchange Coinbase.
Since Coinbase is one of the largest and most accessible platforms for US investors to trade Bitcoin and other cryptocurrencies, a higher price on this platform indicates higher demand in the US compared to the international market.
Is Bitcoin price ready for a huge price increase?
The enthusiasm in the crypto market has fully returned. Kevin Svenson, a well-known crypto analyst, even predicts that we are on the verge of a significant price increase. Despite recent periods of disappointing results, Svenson estimates that prices could rise by as much as 200% from current values.
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Source: https://newsbit.nl/dit-is-waarom-de-bitcoin-koers-vandaag-weer-stijgt/
