Bitcoin Price Prediction as BTC Sees $30 Billion Trading Volume Come In – How High Can BTC Go?
Bitcoin, the world's largest cryptocurrency by market capitalization, has seen a surge in trading volume over the past few months, with more than $30 billion worth of bitcoin traded daily. This has led many investors and traders to question where the price of bitcoin is headed and what the future holds for this highly volatile asset.
Bitcoin 's price has been soaring lately amid weakness in the US dollar, but now it's trading in a narrow range of $22,740 to $23,350.
Bitcoin's price was affected by Federal Reserve Chairman Jerome Powell's recent remarks on inflation control. While Powell expressed his confidence in bringing inflation under control, he also stated that it will be a long and challenging process. During a speech at the Economic Club of Washington, D.C., Powell stated that there's no guarantee that inflation will go away easily.
However, he also mentioned that there would be significant progress in inflation this year, which is positive news for those dealing with "risk-on" assets like Bitcoin.
The Fed has been aggressively raising interest rates to tackle inflation, and its recent slowdown in rate hikes has had a positive impact on the crypto market, which has seen a 35% increase in the last 30 days.
Previously, the crypto market had been impacted by the Fed's aggressive monetary policy, which led traders to shift from risky assets like Bitcoin to the safety of the dollar. But as the Fed changes its approach, the market is showing signs of life again.
In conclusion, while Powell's comments had a short-term impact on Bitcoin's price, the overall outlook for the crypto market remains positive as the Fed continues to make progress in controlling inflation.
Hut 8 and US Bitcoin Corp. have announced their merger,
Read more on cryptonews.com
