THE DAILY ENCRYPT

September 30, 2022

Bitcoin Touches $25K After 9 Weeks But Retreats

The market capitalization of the largest cryptocurrency was $25,000, but the price quickly fell back....
red and blue light streaks
Photo by Maxim Hopman

The market capitalization of the largest cryptocurrency was $25,000, but the price quickly fell back. Bitcoin crossed the $25,000 mark late Saturday night, marking the first time it had done so since June 13.

It had lost steam by Sunday morning and was back at $24,510 on CoinMarketCap as of Monday morning. This is a sign that $25,000 will likely remain a key resistance level in the largest cryptocurrency.

Bitcoin has only risen 5.85% over the past week. No. 2 Ethereum is up 16% over the past week due to anticipation of the upcoming merger to a Proof-of-Stake model.

Related Articles:  Three US States Take Similar Legal Action Against Crypto Lender Nexo

Bitcoin’s rise may be due to cooling inflation. The key economic indicator remained the same last month, as rising prices were countered by Federal Reserve interest rate hikes.

Bitcoin and the rest the crypto market, along with other assets such as stocks and bonds, have been hard hit all summer by rising inflation.

Related Articles:  Chinese University Nanjing Creates First Metaverse Course

In turn, the Fed has increased interest rates. This has created a risky environment in which investors have sold crypto and volatile tech stocks in order to keep their greenbacks.

Bitcoin was previously thought to be an inflation hedge. However, its status as an anti-inflationary digital gold has been proven this year. It has closely correlated with tech stocks.

Despite recent signs of recovery, Bitcoin is still 64% below its November 2021 record of $69,044.77.

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Latest News
PRESS RELEASES