Bitcoin, the best-known and most valuable cryptocurrency in the world, has reached a price of $38,000 after midday, a level it has not reached since May 2022, a fateful year for the sector in which the cryptocurrency was left or 64% of its value and was below $17,000.
This 2023 the situation has turned around and so far this year Bitcoin has more than doubled its price – specifically, it has risen 128% – although it remains far from its historical highs, harvested in November 2021 , on the edge of 70,000 dollars.
Almost 4% in one week
The digital asset, which trades 24/7 every day, has appreciated almost 4% since last Friday, while this week it has been traded around a battery of news in the sector.
Bitcoin started the week on the downside and put the resistance of $35,000 at risk since one of the platforms in the sector, Binance, and its CEO, Changpeng Zhao (known as ‘CZ’), reached an agreement with the US authorities to take charges for violating laws against money laundering and the regulation of securities markets in exchange for a fine of 4.3 billion dollars (about 4 billion euros).
Regarding this news, manager Julius Baer demonstrated through a report that “regulatory obstacles derived from these events are likely to increase” but that they do not believe it will hinder the long-term evolution of this asset class.
Furthermore, the report signed by Manuel Villegas to which Europa Press has had access, noted that, in general and in the case of digital assets, “we believe that the obstacles derived from monetary adjustment should begin to fade, since we do not expect new interest rate increases by the United States Federal Reserve (Fed).”
Therefore, the bullish path along which the cryptocurrency has ended is found both in the forecast of a more lax monetary policy by the US central bank and in the hope of the industry, increasingly optimistic, that the Commission of The US Securities and Exchange Commission (SEC) approves the approval of bitcoin exchange-traded funds (ETFs).
