Cryptocurrency is heavily connected to inflation data as economic factors play a major role. The most recent CPI data was released on January 12, and the news was fairly positive as inflation cooled down from 7.1% in November to 6.5% in December. This news provides optimism as there are hopes that the Fed will pull back on the aggressive rate hikes.
How to Take Advantage of Crypto Price Surges?
In October, Bitcoin retested this resistance point only to fall back down. On November 4th, Bitcoin pushed straight through $14,000 and continued higher. This is significant because Bitcoin’s next resistance point https://www.momentumcapital.co.za/ is its previous all-time high of $20,000.
August 2024 Crypto Market Forecast
On Monday, bitcoin cleared the $53,000 threshold for the first time since November 2021, and prices grew to $54,000 before climbing rapidly to $57,000 in a matter of minutes on Tuesday. The price of bitcoin briefly passed the $57,000 mark for the first time since late 2021 during the early morning in Asia and late evening in the U.S. A new report from TRM Labs found crypto hackers stole $1.38 billion worth of crypto in the first half of 2024, more than double the $657 million they scored during the same period a year ago. In the report, TRM Labs said private key and seed phrase compromises, smart contract exploits and flash loan attacks have been the most common crypto hacking strategies in 2024. VanEck’s digital asset research team reportedly sees Harris as potentially more bullish for Bitcoin and Trump as more bullish for Ethereum.
Bitcoin’s Surge (
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- Conversely, negative sentiment can trigger selling, leading to price drops.
- A new report from TRM Labs found crypto hackers stole $1.38 billion worth of crypto in the first half of 2024, more than double the $657 million they scored during the same period a year ago.
- Many investors who profited from ICOs diversified their gains into Bitcoin, driving up its price even further.
Why Is Bitcoin Going Up Right Now?
Despite the launch of nine spot Ethereum ETFs, the 2024 Ethereum rally took a breather in July. Then, throughout 2023, both the SEC and the Commodity Futures Trading Commission brought numerous regulatory lawsuits against https://www.investopedia.com/terms/i/investment.asp some of the largest crypto exchanges and companies. Those suits hampered many exchanges and other crypto companies’ abilities to do business in the U.S., the world’s largest economy.
With the heights bitcoin has now reached, the fear of a price correction is percolating in some traders’ minds. Although bitcoin has been climbing steadily since the U.S. introduced spot bitcoin ETFs, cryptocurrencies, including bitcoin, have a history of extreme volatility. For example, BlackRock’s iShares Bitcoin ETF (IBIT), one of the 11 new spot bitcoin ETFs, purchased more than $778 million worth of BTC on March 11 alone. That added up to 12,600 bitcoins flowing into IBIT’s coffers, which reduced the world’s total available supply. Also, with the help of rising demand, IBIT’s purchase increased BTC’s overall value. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person.
