Amid immense market pressure and global uncertainty, the largest cryptocurrency in the world, Bitcoin (BTC), has been able to maintain a steady level of around $29,000 to $30,000 after a turbulent session. However, there is a strong hope now that BTC might regain its levels and touch $60,000 or above in the time to come amid strong macroeconomic conditions and cooling inflation data.
Bitcoin, which started 2022 with a positive note, might have seen again its peak by the end of 2022, but certain unfortunate events brought too many swings in the price of BTC, which made BTC crash from $50,000 levels to $15,000 levels, over the past one year.
Recent price fluctuations in Bitcoin and in the overall crypto market has been due to unpredictable macroeconomic headwinds and the recent fallouts in the U.S banking system. Since 2022 to 2023, Bitcoin has seen crazy ups and downs, due to various reasons such as:
Bitcoin, which started 2022 with a positive note, might have seen again its peak by the end of 2022, but certain unfortunate events brought too many swings in the price of BTC, which made BTC crash from $50,000 levels to $15,000 levels, over the past one year.
Recent price fluctuations in Bitcoin and in the overall crypto market has been due to unpredictable macroeconomic headwinds and the recent fallouts in the U.S banking system. Since 2022 to 2023, Bitcoin has seen crazy ups and downs, due to various reasons such as:
- Shaky U.S. banking system.
- After effects of Russia-Ukraine war.
- Inflationary fears in developed countries.
- Uncertainty due to rising interest rates in the U.S. and UK.
- Shutdown of major crypto exchanges such as Bittrex under strict regulatory environment.
- Collapse of the largest global cryptocurrency exchange FTX