Monday, March 4, 2024

Bitcoin is jumping around 10 percent on the week

Date:

Bitcoin rallied strongly this week as the world’s number one cryptocurrency hit its all-time high, with a recovery in financial assets benefiting from the dollar’s decline.

Our recommended forex brokers in the region

Complete list of Forex companies See-through broker

The prospect of an end to the Federal Reserve’s continuing monetary tightening cycle for more than a year and a half has contributed to a recovery in all financial assets, including major indices in global stock markets. Gold hit an all-time high after breaking above $2,100 an ounce, while Bitcoin rose to its highest level in 2023. This year has been one of the windiest years for the cryptocurrency as it ranks ninth. The largest assets by market value rose 166 percent to reach $860 billion.

Other reports, expectations of an end to the monetary tightening cycle, and expectations of an earlier-than-expected shift in monetary policy contributed to bitcoin’s gains. The latest expectations indicate the possibility of a rate cut in the US after the end of the first quarter of 2024, compared to previous expectations, which indicates the possibility of a rate cut at the beginning of the third quarter of the year. The most important factors fueling Bitcoin’s rise are reports of the imminent approval of Bitcoin exchange-traded funds (ETFs) submitted to major investment firms and related US bodies.

On the other hand, this year has not been without negative news for cryptocurrencies, especially the sanctions faced by one of the world’s largest cryptocurrency exchanges, Finans, which admitted early last month that it had lied in some of the allegations against it. US and private authorities were fined approximately $4.3 billion for anti-money laundering crimes, while the exchange’s founder, Changpeng Zhao, pleaded guilty and announced his resignation as CEO. Financial transfer.

See also  4 new AI tools you can use to edit photos on Instagram

Bitcoin rose 9.97% to register around $43,801 during this week’s trading. Meanwhile, Ethereum price rose 6.56% to reach $2,345.

Forex news

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

Share post:

Popular

More like this
Related

The Future of Gambling in the UAE: Economic, Legal, and Social Dimensions

The United Arab Emirates (UAE) is on the brink...

Comparing the Best Trading Platforms in the UAE: Features and Benefits

Trading commodities, currency pairs, ETFs, and other investment vehicles...

Evgenia Timofeenko: What does it mean to be an investor in the hotel business?

Investors are always interested in finding effective objects for...

AFC Champions League 2023/24: Last-16 Fixtures, Latest Odds & Preview

The 2023/24 AFC Champions League group stage has been...