- Bitcoin has maintained a steady and progressive motion due to the ETF filing by some major companies.
- On the other hand, markets are going through inflation, and Feds are taking some actions for it too.
Bitcoin’s price has instilled quite a lot of positivity in the crypto community. For the last few weeks, the original crypto has held the value of $30k. It has even seemed to impact the performance of other tokens and has led them to stay green in the charts.
BTC’s gaining price & interest from companies too
When the Asian markets opened on Friday, Bitcoin opened on a trending note. The news of Fidelity Investments’ refiling for Bitcoin seemed to have done the magic this time. Also, the original cryptocurrency has gone up to $30,400 with an uptick of 0.6% in its market capitalization. It took place in the last 24 hours and caused the coin to increase.
Notably, Fidelity isn’t the only one refiled for the Bitcoin ETF. BlackRock is one of the largest finance companies that did the filing for the first time. The other second-timers are Wisdom Tree and Invesco. The sudden interest in the ETF has stoked the bitcoin prices to increase.
The co-founder and managing partner at venture capital firm Amity Ventures indicated the significance of this positive development in the market. In an email written to CoinDesk, he said that it must be acknowledged that this price rally is happening despite the SEC’s crackdown on major crypto exchanges. On the one hand, we’re witnessing regulator’s efforts to regulate the industry.
On the other hand, major finance companies like BlackRock are interested in crypto he said. Regarding the performance of other tokens, Ethereum remained intact at $1,844, maintaining a green candlestick. The Solana-based token platform registered a rise of 14% in its token price. As per the reports of CoinDesk, the Solana blockchain adopted the mechanism of Ethereum’s “Liquid staking token”.
The ongoing struggle between markets & economy
It leveraged the SOL token derivatives while being easy for users to operate. According to the CoinDesk Market Index, the entire crypto market’s performance increased by 1.2%. At the same time, the US equity markets registered a 2% spike in GDP. However, inflation remained stagnant, and it slightly worried the government too. Reportedly, the Federal Reserve contemplated raising the interest rates in 2023, but market conditions stopped them.
Recently, the fourth conference on Financial Stability was held at the Banco de Espana. Addressing the members in the meeting, Fed Chair Jerome Powell talked about central bank uncertainty. He said that the Federal bodies are very much in favor of raising interest rates in the forthcoming months.
According to Powell, Inflation has been on the ascend for quite some time now, and its effects are highly visible in the markets. Therefore, the policymakers have to react to it and take some measures to allay the fears. He said that the housing and investment sectors face problems, and the government wants to fix them.
While no one wants to see the BTC prices going down, the market participants will have to see what the future holds. Also, the overall economy could impact the crypto space too. This is one factor that every crypto investor should keep in mind.