Friday, December 2, 2022

Bitcoin surges back above $20,000

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Bitcoin rises above the $20,000 mark again

Bitcoin has once again passed the $20,000 mark. The blockchain motto is thus picking up speed again in the wake of the stock markets, which are characterized by hopes of interest rates. The other cryptocurrencies are also growing significantly.

The bitcoin price is benefiting from investors’ slightly increased willingness to take risks. (icon picture)

At around $20,650 on Wednesday afternoon, Bitcoin is trading above the important $20,000 mark for the first time since early October. Within a week it has increased by a good 6.8 percent. The market capitalization is almost 397 billion dollars and thus around 28 billion more than the value of the previous week.

“It’s the hope of slowing the pace of the US Federal Reserve’s rate-hiking cycle that is bringing risk appetite to life,” writes German analyst Timo Emden of the crypto market’s recent gains. How long the hunger will last remains questionable, since a “sustainable trend reversal is not in sight for the time being”. The fact that things went up so quickly in such a short time is also due to a short squeeze in Emden: “It’s difficult to explain this jump in this way otherwise.”

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