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Bitcoin price rose above $30,000 yesterday. This significant increase in the price of Bitcoin is due to four main reasons.
Bitcoin price rise due to four main events. Bitcoin price rose above $30,000 yesterday. This significant increase in the price of Bitcoin is due to four main reasons. In this article, we will examine these reasons.
Ripple’s Victory The US Securities and Exchange Commission recently decided to drop its lawsuit against Ripple’s executives, which sent Ripple up 7% to $0.53.
The application of Bitcoin ETF by Gary Scale The company Gary Scale has submitted a new application for the launch of Bitcoin ETF, and this action has increased hopes for the approval of Bitcoin ETF and consolidated the market’s attention to crypto.
BlackRock ETF Application Amendment The world’s largest asset management company, BlackRock, has also submitted a new application for its Bitcoin ETF. This amendment has increased the market’s optimism about the approval of the Bitcoin ETF and has fueled the rise in the price of Bitcoin.
Jerome Powell’s speech The speech of the head of the US Federal Reserve, Jerome Powell, by referring to economic issues and interest rates, increased the optimism of the market and raised the possibility of stopping the interest rate increase. These four reasons combined have increased hopes and positive sentiments in the crypto market and led to the growth of the price of Bitcoin.Growth in the prices of other cryptocurrencies. For example, the price of Ethereum increased to $1,627 and the price of Ripple also increased by more than 7% and reached $0.53 with the release of positive news. Also, Solana reached $27.22 with more than 6% growth. These growths indicate an increase in interest in cryptocurrencies in general and its positive impact on the price of Bitcoin.
The recent developments in the Ripple case and the positive news related to it are not the only one of the main reasons for the increase in the price of Bitcoin.
Right now, there is a lot of focus on the possible approval of requests to launch a Bitcoin ETF. And this issue causes more attention to the crypto market and the price of Bitcoin. In the following, we discuss other reasons for the increase in the price of Bitcoin.
Ripple’s competitive win after the US Securities and Exchange Commission’s decision to drop its lawsuit against Ripple’s executives. This event was considered a victory for Ripple. And the market reacted well to this news. This victory was presented as one of the positive reasons for the crypto market and the increase in the price of Bitcoin.
Attempts to launch a Bitcoin ETF Gary Scale Company sent a new request to launch a Bitcoin ETF.
And this action shows serious attention to this market and all the efforts made to approve the Bitcoin ETF. If this ETF is approved, it could increase investor engagement and attract new capital to the crypto market.
BlackRock ETF Application Amendment The world’s largest asset management company, BlackRock, has also amended its application for the Bitcoin ETF. This amendment shows that the companies are serious about the approval of the Bitcoin ETF and are determined to make every effort to get this important step approved.
Jerome Powell addressed economic issues and interest rates and examined the effects of interest rate increases. This speech is related to the increase of optimism in the market regarding the possible stop of interest rate increase.
All these factors created a positive environment in the crypto market and helped to increase the price of Bitcoin. These cases indicate multiple and combined effects in the increase in the price of Bitcoin and have increased the hope for the continued growth of this market.
