Bitcoin sees the longest increase in 10 years since November 2013 by rising for 13 consecutive days until yesterday.
According to the U.S. cryptocurrency exchange Coinbase, the price of Bitcoin was around $21,000 as of the 17th (local time), recovering from the level before filing for FTX bankruptcy protection on the cryptocurrency exchange, and rising for 13 consecutive days until the previous day, up about 30% this year alone.
This is at the level of early November last year, just before the liquidity crisis of FTX was known. Bitcoin rose to $21,594 during the day, the highest level in four months since September 13 last year. According to Bloomberg News, this is the longest increase in about 10 years since November 2013.
Experts believe that the improvement of the macroeconomic environment is closely related to the Bitcoin market price. In fact, Bitcoin started to rebound when the U.S. Consumer Price Index (CPI) slowed down last month. Nasdaq, which is known to be closely linked to Coin, also recorded a rally for four consecutive trading days in anticipation of CPI easing. Expectations are also growing that the Fed will end its tightening as inflation slows. As a result, some even predict that the investment sentiment, which had been leaning toward safe assets, will be quickly converted to risky assets such as coins.
As the crypto market continues its rally at the beginning of the year, it is predicted that Bitcoin will recover to some extent this year and continue to strengthen in earnest from next year.
Meanwile some predict that the crypto market will begin to strengthen after next year. Analysts say that the prospect of such a virtual currency rise is due to expectations that the slowdown in U.S. inflation will lead to the Federal Reserve’s (Fed) pace of raising the benchmark interest rate and that the FTX crisis is calming down to some extent.
