The historic cryptocurrency crash last week reached a new level on Monday, with Bitcoin’s price dropping to $48,800 according to Binance data. The economic collapse in Japan and geopolitical events in the Middle East were thought to have had a significant impact. Nevertheless, BTC has since recovered and is now approaching $60,000.
Why Is Bitcoin Rising?
Recent data from the US appears to have had a positive impact on the market. Despite recession concerns and increased expectations from major companies, unemployment claims were lower than expected, which may have significantly influenced the market.
The expectation that the US FED might start lowering interest rates rapidly is also believed to have positively impacted the price rise, with Bitcoin quickly recovering from $48,800 to over $55,000. Additionally, news that major US investment firms did not sell BTC despite the drops had a significant effect on the price increase.
Lastly, the Middle East tensions have temporarily calmed, reducing global uncertainties to some extent.
What Is Bitcoin’s Current Price?
After seeing $70,000 last week and a sharp drop, Bitcoin is moving towards $60,000 as the week ends. As of the time of writing, BTC is trading at $58,077, following a 1.70% increase today.
BTC’s RSI indicator has also risen above the 50 neutral zone, indicating increasing buying pressure. BTC’s market cap has risen to $1.143 trillion, while the 24-hour trading volume continues to decline. The trading volume fell by 9.62%, reaching $40.1 billion.
