Bitcoin’s price reaches $24K for the first time since June!

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The retreat of bitcoin from the market slump.

Not long ago, the market collapse made the world’s most capitalized and most popular cryptocurrency suffer a big blow. The reports started pouring in that, the cryptocurrency hadn’t seen such a fall for the past two years. Even a disaster like pandemic did not affect the cryptocurrency, but indeed helped it to grow.

The market collapse caused a big dent in the minds of the investors of the bitcoin. The value of the bitcoin for the month of June started sending tremors in the minds of the investors. Factually, the cryptocurrency had fallen by 70% from its peak in November and was trading below $20,000.

As July started, the case for bitcoin didn’t seem to improve, as more and more investors started to panic. But now after the recent development of information which stated that the FED is not going as aggressively as it was predicted to, made the cryptocurrency gain some momentum.

The cryptocurrency breached the $24,000 mark and started trading at around $24,047, up by 8% since the last 24 hours. This surely made the investors get relieved a bit. Though it is prudent of the investors to relax, the bear market is not yet come to the end.

Bitcoin’s price surge is just a relief rally.

As the value of bitcoin surged, there was a feeling of relief across the cryptocurrency market. But many crypto experts believe that the surge is not the end of bear market. According to Antoni Trenchev, CEO of cryptocurrency lender Nexo, “this isn’t necessarily the conclusion of the crypto bear market, but a relief rally for Bitcoin is long deserved.” After a rocky month, “Bitcoin is starting to find its feet, and the next week will be telling,” he continued.

The market is now more or less in the hands of FED.

Fairly, digital assets shouldn’t be influenced by FED’s actions. But, since the institutional capital has poured in into the digital market scene, the cryptocurrencies are also being captivated by FED.

At its upcoming policy meeting, the U.S. central bank is anticipated to raise rates once more, but economists anticipate a less pronounced increase of 75 basis points rather than 100.

Since, the FED’s lenient actions, it can be told that the cryptocurrency has gained a little momentum. But the market is far from reaching the shore. Any kind of errors by the investors will surely sink their funds in the markets and the investors have to be more careful now, that the prices have started to surge.

Ethereum’s surge!

Credits: CoinDesk

Ethereum, which also happens to be the second most capitalized cryptocurrency in the world also saw a raise in its value due to the announcement of FED. Eth climbed by 5% to $1,609.06 while other so called “Altcoins” were also higher.