Bitcoin Is Back – Crypto Climbs To Old Highs
After a year of volatility, skepticism, and collapses from other tokens, the recognizable name Bitcoin has reentered a domain not seen in months. Ahead of both the CPI, PPI, and other significant economic data for March, investors have priced in one Bitcoin to be worth $30,000, a level not seen since the June of last year. According to analysts, if the key inflation data for March shows signs of moderate shrinking, there is a large chance Bitcoin will push mid-to-high 30,000 levels as short sellers become squeezed out of their position. For the year, Bitcoin has increased by over 80%, leading the crypto surge as several other firms and tokens have fallen before it. However, another notable name that has also continued to stand the test of time is Ethereum.
Beginning in January, Ether has increased by over 60%, reaching over $1,900, a level not seen since August of last year. Including the data releasing this week, Ethereum’s network will launch a new tech upgrade; the upgrade, regarded as the “Shanghai” upgrade, will allow users to withdraw ether that has been staked, an action not seen before on Ethereum’s network. Nevertheless, as we approach the upcoming inflation data for March, investors should anticipate large price actions based on updated predictions for the Fed’s actions during the next interest rate meeting.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.