Bitcoin Price Predictions: Can BTC Reach $30K Following the Federal Rate Hike?
In the world of cryptocurrencies, market fluctuations and price predictions are the norm, with Bitcoin often leading the way as the most talked-about digital currency.
With the recent Federal Reserve interest rate hike impacting financial markets, many are left wondering how this move will affect Bitcoin's trajectory.
This article delves into the potential of Bitcoin reaching the $30,000 mark in the aftermath of the rate hike, exploring factors that could drive its value and the market sentiment surrounding this popular cryptocurrency.
Since the beginning of March, US regulators have closed and sold three mid-sized US banks: Silicon Valley Bank, Signature Bank, and First Republic.
This marks the highest number of failures to affect the US since the financial crisis of 2008.
In Europe, Credit Suisse, a major global player in financial turmoil, is being forced into a rescue plan with competitor UBS. Large-scale customer withdrawals, driven by concerns over the security of their funds, contributed to the collapses.
The banks in the USA, Europe, and the UK are facing a crisis, resulting in a loss of public trust and driving more people towards cryptocurrencies due to their decentralized nature.
Moreover, US Secretary Janet Yellen stated that the US would reach its debt ceiling in June, which added further pressure on the US dollar and bolstered BTC/USD prices.
Bitcoin recently set a new record for daily transactions as interest in Ordinals, a protocol that expands the applications of blockchain, continues to grow.
According to data from BitInfoCharts, the daily volume of Bitcoin transactions surged to 682,009 on Monday after hitting a previous record of 568,300 the day before.
This was approximately 78,000 higher than the previous
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