The past few days have been quite volatile for the markets worldwide – be it equities, commodities, or cryptocurrencies. The news of the interest rate hike created a spur in the market – cryptocurrency witnessing a stark impact. Bitcoin prices saw a sharp fall, but this is not the end.
Many investors believed it to be a bear run for bitcoin but it has now entered a critical value zone. Currently, bitcoin is trading at the level of $47,025. This is a good level and now this is an indication of a bull run for the coming trends in the cryptocurrency market.
Reasons for Bitcoin growth
This comes back of bitcoin is credited for different reasons. Some investors say that it is the reverse effect of the US Feds interest rate hike – again people are attracted to the gains of the cryptocurrency market. There are also many top-level authorities and celebrities, like NBA players Klay Thompson and Andre Iguodala who have decided to accept their earnings in the form of bitcoin. This shows the trust people have in bitcoin and this further strengthens the faith in the future graph of the cryptocurrency.
Another important observation is noted by Scott Melker (trader, podcast host, and humbly known as the wolf of wall street). He noted that this is a recurring pattern for bitcoin. Bitcoin has shown such abrupt behaviors in the past as well. People might have forgotten the graphs of the bitcoin in the glare of the profits. Bitcoin has shown quite some falls in the past but eventually coming back to an upward trend. The same is expected now onwards from this green run