Patrick

Galaxy

Bitcoin

<figure> 
 <figcaption>
   Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
<p>Bitcoin, the leading digital currency, has surged past the $30,000 mark, reaching an intraday high of $30,126, based on data from <a href="https://www.coingecko.com/" rel="noopener noreferrer nofollow">CoinGecko</a>.</p> 
<p>This noteworthy price move can be attributed to various factors shaping the macroeconomic and crypto-specific landscapes.</p> 
<h2 id="harker-s-hint">Harker's hint&nbsp;</h2> 
<p>A potential influence on Bitcoin's price rise could be the recent announcement by Philadelphia Fed President Patrick Harker. Indicating a possible pause on interest rate hikes, Harker, a voting member of the Federal Open Market Committee (FOMC), <a href="https://www.cnbc.com/2023/08/08/philadelphia-fed-president-patrick-harker-suggests-interest-rate-hikes-are-at-an-end.html" rel="noopener noreferrer nofollow">highlighted</a> the central bank's progress in tackling inflation and expressed confidence in the broader economy.</p> 
<p>This sentiment suggests that the Fed could be nearing the end of its current rate-hiking cycle. Its recent moves have seen interest rates ascend to a target range of 5.25%-5.5%—a level not witnessed in over 22 years. Historically, more lenient monetary policies have often been favorable for riskier assets like cryptocurrencies.</p> 
<h2 id="etf-buzz">ETF buzz</h2> 
<p>In addition to macroeconomic factors, specific events within the crypto industry are also likely influencing Bitcoin's current trajectory. The crypto community is buzzing with anticipation regarding the potential launch of a Bitcoin ETF, especially after reports from industry insiders.</p> 
<p>Citing his sources, Galaxy Digital CEO <a href="https://u.today/bitcoin-bull-mike-novogratz-says-theres-no-risk-of-run-on-tether" rel="noopener noreferrer nofollow">Mike Novogratz</a> alluded to a potential Bitcoin ETF approval from financial giants BlackRock and Invesco within the next few months. The introduction of such ETFs could significantly boost demand for Bitcoin.</p> 
<p>It's worth noting that the arena could become fiercely competitive, with many ETFs offering similar asset holdings and marketing efforts becoming increasingly aggressive.</p> 
<h2 id="more-volatility-ahead">More volatility ahead?&nbsp;</h2> 
<p>However, investors should remain cautious due to the potential for heightened volatility in the Bitcoin market. Recently, Bitcoin's volatility has approached historic lows, signaling a potential imminent breakout in either direction.</p> 
<p>Some analysts believe that decisions related to the introduction of Bitcoin ETFs might catalyze this volatility.</p> 
<p>In the short term, events such as the US inflation rate announcement scheduled for August 10, with an anticipated year-over-year rate of 3.3%, could further introduce price swings.&nbsp;</p>

Bitcoin Surpasses $30,000 Once Again. Key Reasons Why

Table of Contents

U_Today

Other articles published on Aug 9, 2023

Boeing Stock Price Prediction: Will Starliner News Boost BA?

Bitcoin Miner Marathon Reports Q2 Revenue Increase and Reduced Losses

PowerAgent Automation Network: Value Proposition & Functions

PayPal Stock Price Loses 15% Since Earnings; But What Went Wrong?

Former FTX exec discusses plea deal with US prosecutors

"Sic Bo Spectacle: Dive into Gamefi Dice Magic with Bitpaid's Crypto Dice Adventure!"

Join our free newsletter for daily crypto updates!