BitcoinBTCIt has been slow over the past few weeks. But, this could change. highest Gains per week since March
This trend shift can also be attributed to the recent risk appetite surge in global market and Resignation Boris Johnson will be the UK prime Minister.
Inteday trading saw Bitcoin rise by 13.5% to $21,630, an increase of 13.5% from the previous seven days. CoinMarketCap.
Garry Krugljakow was the founder and chief executive of the GOGO protocol.
“There’s too much uncertainty. However, I can say that Bitcoin has performed well in comparison with many other assets. And looking back on this bear market, people will likely remember it as Bitcoin showing its true strength to the world.”
Source:Bloomberg
Federal Reserve (Fed), which has been raising interest rates to curb runaway inflation, is the latest in its strategy. Increase This is the highest rate since 1994, at 75 basis points (bps).
This strategy was inspired by the high inflation rate of American soil which reached a high of 40 years.
However, Bitcoin has suffered from the bearish trend that was triggered. Bitcoin fell below $20,000 in the first instance due to the recent interest rate hike.
Marcus Sotiriou believes that inflation is cooling and the Fed will become more aggressive. This will be beneficial for the crypto market.
GlobalBlock analyst:
“The only Bitcoin bottom signal for me is persistent data showing us that inflation is convincingly inflecting down. This should lead to the Federal Reserve becoming less aggressive with their monetary policy, and therefore provide confidence that the liquidity crisis in the crypto market is over.”
Meanwhile, Johnson’s resignation gave Bitcoin bullish momentum, given that the leading cryptocurrency retested mid-June levels.
Johnson resigned during a week of turmoil in British politics, when several ministers quit on the basis of a series scandals. Therefore, Johnson’s authority was eroded, which typically paralyzed the UK government.
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