There’s good news for cryptocurrency.
Bitcoin Rally Pushes Through
As of Monday, January 23, news organizations are noting that Bitcoin is rallying. Many investors are placing bets. They hope the Federal Reserve will pivot. They want interest rates cut.
The price of this number-one international digital token topped $23,100 on Monday. This type of jump brings the value of this cryptocurrency up by almost 39% since the beginning of January.
There is more good news. Ethereum is the second biggest of the digital coins. It enjoyed a rally that went as high as $1,664 .78 this past Monday.
Positive Cryptocurrency Jumps
Investors in Cryptocurrency and other products are riding the high note of these positive jumps. Investors got spooked last year. The Fed started tightening monetary policies.
Inflation rates are starting to cool now in the United States. That has some investors in cryptocurrency hopeful that central banks globally will start easing rate hikes and maybe even start slashing rates.
However, despite these changes, some experts are wary. They think interest rates will stay high.
FTX’s issues don’t upset investors. They went broke in November. Some cryptocurrency investors found themselves tangled up in risky lending practices. And big returns that didn’t last.
Even though around $2 trillion worth of value has been taken away from the overall cryptocurrency market, investors are seeing a rebound.
Here’s another interesting development. Forbes reports cryptocurrency prices are rebounding. FTX lawyers say they can repay some customers. The total of the assets found was $5 billion.
Here’s another consideration if you’re thinking about investing in cryptocurrency 2023. Binance is moving towards expanding its workforce by 30%. This is a clear indication that they are preparing for the next bull market.
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