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Saturday, September 24, 2022

Bitcoin Price Goes Above $49K

The price of Bitcoin has increased by $2,000 as reported by data from the 15th of December with markets quickly reacting to this news. It has been reported that the United States Federal Reserve would be increasing the rates of interest, which would then curtail its bond-purchasing program which should ideally start in 2022.

According to data that was received from TradingView and Cointelegraph Markets Pro, it has been highlighted that the BTC/USD did touch a mark of $49,310 on Bitstamp, which has been its highest price since the 12th of December, when the price of the cryptocurrency briefly went above the mark of $50,000. 

Bitcoin Sees A Price Rise

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This momentum came into place after the Feds hinted that the cryptocurrency could be increasing its rate of benchmark by three times the next year, which would definitely surpass the expectations of most investors. It would also help in increasing the pace of its asset purchasing taper, as mentioned by the central bank.

The concerns regarding this price hike of Bitcoin focus primarily on the plans having a far negative impact on both crypto and traditional markets- all thanks to the erasure of the easy availability of liquidity. In this event, however, it can be understood that the information lay uncertainty over the policy to come to a rest. 

Jim Caron, the senior portfolio manager and chief strategist for Morgan Stanley Investment Management, recently stated that from an equity perspective, Bitcoin currently had to focus on margins, earnings, and growth. In fact, it was quite a relief to the market of equities who believed that the going could get much more aggressive. 

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Even then, most popular analysts have been quite cautious about the entire affair. While Michael van de Poppe, a contributor for Cointelegraph has maintained that the bottom for Bitcoin was touched on the 4th of December, William Clemente opted to hold off any and all market entry advice.

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