Almost 1 month after failing this resistance, the price of Bitcoin (BTC) is back at the $30,000 level while the entire cryptocurrency market turns green. How to explain this increase? We take stock.
Bitcoin (BTC) back to $30,000
That’s it, just a few days after hitting the symbolic $25,000 mark, Bitcoin (BTC) price is back above $30,000. This is a first for more than a month:
🔴 FLASH: The #Bitcoin has just crossed the $30,000 mark again! 🔥
Less than a week ago, the #BTC was $25,000. pic.twitter.com/D8hafendyI
—Cryptoast (@CryptoastMedia) June 21, 2023
After a meteoric rise since the beginning of 2023, the cryptocurrency market benefited from the month of May and the adage “sell in may and go away” to breathe a little. Back to $25,000 late last week, some observers were unenthusiastic about a bullish rebound in Bitcoin before the end of the summer.
But as you know, Bitcoin doesn’t care about predictions. Despite a very complicated endogenous contextfueled by the multiple attacks by the Securities and Exchanges Commission (SEC) against Binance and Coinbase, thehe cryptocurrency market is doing remarkably well.
How can we explain it? To begin with, this afternoon was marked by a speech by the President of the American Federal Reserve. Before the Financial Affairs Committee of the House of Representatives and questioned on the monetary policy of the United States, Jerome Powell Reportedly Speaks Out About Cryptocurrencies. He would have explained that “Cryptocurrencies have shown resilience as an asset class”.
Presumably, this rise is more likely to come from the recent announcement by BlackRock, the world’s largest asset manager. Indeed, the firm filed a request to launch a spot Bitcoin ETF. If the US regulator accepts it, it would be the first of its kind.
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Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
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