Bitcoin’s (BTC) value has taken a slight dip of 0.91% today, settling at $68,398 (BTC/USD). Despite its recent struggles to break past the $69,000 mark, the coin continues to captivate the attention of investors worldwide.
Could the soaring inflation rate in the US put a damper on Bitcoin’s growth? Many experts believe so, with the current rate at a staggering 3.4%. Despite the persistent efforts of the Federal Reserve, this stubborn figure has kept them on high alert, hindering their ability to implement much-needed interest rate cuts.
On a surprising Thursday, May 24th, the SEC gave the green light for spot ether ETFs, catching industry analysts off guard. While whispers of approval had been circulating, they were mostly fueled by hopeful cryptocurrency enthusiasts.
Bitcoin’s New Level
Last week, the cryptocurrency soared above $70,000, sending waves of excitement through the market. The possibility of a new record high had everyone buzzing with anticipation. However, just as quickly as it rose, Bitcoin took a sharp dive, leaving many baffled by the unexpected price spike and its subsequent loss of progress.
Despite a brief dip below $60K in April, Bitcoin has been holding steady below the $70K mark. This digital currency has made significant gains in the past few weeks.
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From its humble average of $64,000, Bitcoin has now soared to a new, more promising level. This news is music to the ears of Bitcoin enthusiasts, who are eagerly anticipating a potential surge to even greater heights in the coming days.
Despite a slight dip on Monday, Bitcoin is still holding onto most of its recent gains. And with a whopping 32% increase in trade volume, experts are predicting a major breakout for the coin later today.
This could lead to a bullish trend that could push Bitcoin’s value above the $70,000 mark. And with the recent approval of an ETF, the sky’s the limit for this digital currency.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.