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Bitcoin has been on the investors’ radar lately, as evidenced by a significant surge in its price. Meanwhile, BTC Price has moved past the $30,000 mark, catching the eyes of the market participants.
BTC price was hovering between $27,000-$28,000 in the past few weeks, which has now been better for investors, especially after recent turbulence and uncertainties in the crypto market.
With this, it could be said that BTC is now properly starting to be perceived as a risk-off asset.
Factors triggering Bitcoin’s rally
Bitcoin has bounced back and some of the major factors are said to be a decline in the value of the dollar, a slowdown in inflation data, and the cessation of rate rises in the United States.
Meanwhile, the speculations over Bitcoin Spot ETF approval seem to have fuelled optimism among investors. Several pundits now anticipate that the approval has the potential to trigger a rally in the BTC price.
The world’s largest cryptocurrency has reached a new height, and the market is very excited to see what comes next. This week, both Bitcoin and Ethereum recorded nearly $200M in outflows from centralized exchanges, indicating buying activity.
Another major reason behind Bitcoin’s price increase is positive developments in the XRP lawsuit, which led to optimism in investors. Notably, the dismissal of charges by the SEC against the XRP executives, made investors believe in the potential of bitcoins, being one of the top assets.
Besides, Federal Reserve Chair Jerome Powell also dropped hints during a midday speech and said about a potential halt in interest rate hikes, which have fuelled optimism in the market.
Notably, Powell indicated that if inflation continues its recent progress and long-term Treasury yields stay high, the central bank might take a pause in its series of historic interest rate increases.
This news had an instant impact on financial markets, leading to Bitcoin’s swift and substantial 5% price surge in the past 24 hours.
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BTC Price and Market Reaction
Speaking of Bitcoin price and market, there is a significant positive influence of domestic events on reaction volatility. Furthermore, foreign events impose their influences on both the expectations of market reactions and volatility.
The Bitcoin price traded at $30,035.55 as of writing, noting a surge of 5.67% over the past 24 hours. On the other hand, its volume rocketed 103.76% to $22.14 billion at the same time. Notably, the recent surge in the crypto price has bumped up its price by around 12% over the past seven days.
Notably, the Greed Index showed the measurement to be at 53, suggesting that the sentiment is moving from the neutral stance to the greed territory. This indicates that the market has regained confidence in the risk bet assets despite the ongoing geopolitical turmoil and other factors.
Also Read: Coinbase Legal Chief Says SEC Needs To Approve Bitcoin ETF “Under The Law”
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