Business News Asia
Bitcoin rose above $21,000, reaching a two-week high. This was due to the weakening of the dollar, which boosted the purchase of risky assets, including cryptocurrencies.
The bitcoin price rose 9.79% today to $21,605.05.
In addition, bitcoin has been supported by the rally on Wall Street, including expectations that the United States will release a slower Consumer Price Index (CPI) next week, which will ease pressure on the Federal Reserve’s accelerated rate hikes.
Today’s rally gives Bitcoin its best weekly gain in a month and the second week in a row with a rise.
However, bitcoin remains below the $69,000 it reached in November 2021, the highest level in history, before breaking below $20,000 in June 2022 on fears that the Fed’s accelerated rate hikes and balance sheet cuts will strain market liquidity and lead to a recession in the U.S. economy.
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