As Bitcoin continues to show signs of a bull run, moving back and forth on the price trend. The latest development on the price says that it (BTC) has snapped back to its old price. This resulted from the United State’s economic policies that directly affected gold, stocks, and other commodities.
It has been reported that the BTC has climbed to $28,344 from its initial $29,000, which is its highest climb this month; all is said to have happened on the 23rd of March. This development surprised some experts who believe that bitcoin investors ignored the bull run. There is every reason to believe that these sets of investors were paying more attention to the coin’s small wins.
The reason behind the so called bull run was said to be orchestrated by the massive crackdown of major cryptocurrency firms carried out by the U.S. authorities, as the media wants them to believe. According to the data extracted from the Cointelegraph platform, BTC to USD gained 8%, the first in 9 months. Also recently, while commenting on the development, Jerome Powell of the federal reserve raised a rather confusing concern that contradicts the signal. In his statement, the rate increase may likely continue.
He also debated the sharp drop in the prices of Bitcoin. A tweet by a famous trader known as Crypto Chase reminded major crypto companies to consider the panic among traders next time there is a dip. The famous trader believes that by doing so, traders can save themselves some losses in their future trades.
What Most Industry Observers Think Of The BTC Price Change
From the information, some prominent industry observers have taken an interest in Bitcoin’s latest development. Crypto Ed was said to have seen the BTC filling its retracement area. On the other hand, most investors have tried to remain positive, even amid various reports of the Securities and Exchange Commission (SEC) targeting major cryptocurrency firms.
Most cryptocurrency companies have emphasized so much in the declining Coinbase stocks, which were reported to have failed by 20% on Wall Street. Again, the arrest of the Terraform Labs, Do Kwon, who was accused of the implosion of Terra LUNA, also contributed to a negative vibe that clouded the bitcoin market hence, contributing to the slight decrease in the price and damping its performance.
Meanwhile, the CEO and founder of the trading company Eight, Michaël van de Poppe, in an interview with Cointelegraph made it clear he is a firm believer of the BTC and that will likely hit $40,000 in the long run.
The Global Event Likely To Usher In The Surge of BTC
According to data released by the Consumer Price Index (CPI) yesterday (22nd of March), inflation in England surprisingly increased by 10.4%, a trend that has persisted since the Ukrainian war. Economists have warned of an impending recession should this trend continues. Key players in the country’s economy have warned that the lingering high cost of living can be detrimental to the working population, businesses, and families.
As it stands, sell of homes in the United States was reported to have increased by 14.5% in early February. This is followed by the first decline in price for over ten years. In otherward, figures released on the 21st of March indicate a sharp decrease in the rate of mortgage (in the United States).
This has increased the demand for federal government bonds. This has the propensity to increase sales in the housing industry. Regarding the bitcoin market, economic experts have said that the macroeconomic movement in which the banks need emergency bailouts is inconsistent.
This scenario has been said to be why multinational companies now disengage thousands of their workers due to a decline in sales. All these and more have been said to have contributed to the decline in the dollar’s value, thus, strengthening Bitcoin. This is the main reason behind the $28,000 price tag two days back.