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Bitcoin breaks the $30,000 barrier for the first time in almost ten months

Date: October 1, 2023 Time: 14:26:26

The bitcoin walks determined towards its recovery. The cryptocurrency with the largest capitalization, has exceeded the threshold of 30,000 dollars (27,573 euros) this Tuesday for the first time since June 2022, thus prolonging the rebound driven by financial tensions that have shaken the markets in the last few months among various entities. in the United States and the rescue of Credit Suisse.

In this way, in the last 24 hours the bitcoin price has registered a revaluation of more than 6%, reaching a maximum price of $30,397, according to the Coinmarketcap portal. In the last month, the reference cryptocurrency has appreciated more than 46%. In addition to the recent tensions in the financial sector, the price of ‘crypto’ has also been boosted by expectations that the cycle of rate hikes by the United States Federal Reserve will complete sooner than expected.

The pull has also come hand in hand with an increase in market share, above 46.4%, when at the beginning of the month it slightly exceeded 41%. The transfer comes mainly from retail cryptocurrencies, as well as the USD Coin, linked to the US dollar, which goes from representing 4% of the total market to less than 3%. This ‘stablecoin’ that seeks its parity with the dollar, although it was not recognized by the US Government, suffered a strong bump during the weekend of the intervention of SVB Financial, reaching a price of 0.9 dollars.

The virtual currency started the year starting at $16,000, a level that it has doubled in a little less than four months, returning to the ‘crypto’ market over the trillion capitalization it lost after the Terra-Luna crisis. A move that, according to eToro analyst Simon Peters, has been achieved in part by the liquidation of short positions in futures, which “added more buying pressure.” If it exceeds the barrier of 30,000 dollars, it would be placed at the maximum in July 2022, 60% so far this year and is already pointing towards 2,000 dollars.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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