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Bitcoin rises to $38,000 per currency and expectations of further rise

Suddenly, the price of Bitcoin rose, exceeding record numbers, indicating that its expected rise in early 2024 will be more than expected.

Bitcoin is considered one of the most widely used investment trends, and ranks second globally after investing in gold.

Bitcoin rose back above $38,000 over the past few hours on optimism that the US central
bank may be closer to lowering borrowing costs if inflation continues to decline.

The largest cryptocurrency by market cap rose as much as 3.3% to $38,264, before later paring those gains. Bitcoin reached an 18-month high of $38,422 on Friday, as lower interest rates generally increase investor appetite for riskier assets such as digital tokens.

Read also: Gold is on its way towards $2050… Will it continue its rise or will it decline?

“As interest rates reverse, investors will return to riskier assets in search of better returns,” said Michael Savai, partner at quantitative trading firm Dexterity Capital.

Bitcoin today
Bitcoin today
“This, coupled with the momentum that cryptocurrencies have built in recent months with ETFs, has traders feeling that the conditions for a new bull run are approaching,” Savai added.
Federal Reserve Governor Christopher Waller said he is optimistic about the recent slowdown in economic activity, which may indicate that central bank policy is sufficiently tight. He made the comments as part of prepared remarks Tuesday for an event at the American Enterprise Institute in Washington.
On the other hand, Chicago Federal Reserve Bank President Austin Goolsbee said on Tuesday that he believes inflation is falling at a pace not seen since the 1950s.
“Food price inflation has been well above levels that are comfortable for ordinary Americans,” Goolsby said in brief welcome remarks at the bank’s annual Agricultural Outlook conference.
He added: “Overall, we have made progress on slowing inflation outside the food sector. It has started to decline, it is not yet on target, but in 2023 we are on track to achieve the highest decline in inflation in 71 years.”
Read also: Famous analyst: Do not buy gold now and wait for the imminent decline

Bitcoin has risen more than 40% since the beginning of October amid expectations that the US Securities and Exchange Commission is preparing to approve an exchange-traded fund for the first time that invests directly in digital assets. Bitcoin is rising by about 130% this year, after falling by 64% in 2022.

Bitcoin today
Bitcoin today
Optimism has also helped fuel gains in shares of cryptocurrency companies such as exchange operator Coinbase and mining company Marathon Digital. And Microstrategy. Shares of the three companies have risen more than 250% this year.

Cryptocurrencies at 11:47 AM Saudi time

The combined market value of the crypto market during these moments of today’s trading amounted to approximately $1.4 trillion. The trading volume reached about $47.32 billion, according to data available on Investing Saudi Arabia .
Bitcoin rose during the last 24 hours to the levels of $36,232, by 3%, while recording weekly gains of 4.7%. Its market value now stands at $745 billion.
While ” Ethereum “, which is the largest digital currency by market value after Bitcoin , rose by about 2.2% during the last 24 hours, to reach $2,064, with weekly gains of 3%, and a market value of about $247 billion .
The price of Binance Coin BNB/USD rose by 1.75% to record $230.
While Ripple gained approximately 1.7% of its value, recording $0.61116, while it rose by 3.3% in the last 7 days.
Solana jumped by 9% in the last 24 hours to $61.01, and is rising by 10% in the last 7 days.
Bitcoin today
Bitcoin today
Cardano witnessed a rise to $0.3878, by 3.3%, while it rose in the last 7 days by 4.5%.
At the same time, Dogecoin rose to the level of $0.080956, by 4.5%.
Warning: Please note that all price forecasts or analyzes contained belong to their author, and Investing Saudi Arabia has no relationship with them and does not bear responsibility for them. Please be aware that the field of trading in digital currencies is a high-risk field, so be careful before making any decision and any action you take regarding the information you find on this website (Investing Saudi Arabia) is entirely at your own risk. Investing Saudi Arabia will not be liable for any losses and/or damages in connection with the use of our website.

Bitcoin enters an upward trajectory due to the Federal Reserve and exceeds $38,000

The price of Bitcoin rose to exceed $38,000 again after expectations increased for a cut in interest rates sooner than yesterday.

Bitcoin rises to $38,000 per currency and expectations of further rise
The price of Bitcoin 

The price of Bitcoin rose by more than 3% yesterday to reach its highest levels in 18 months, as investors’ appetite for risky elements began with investors’ expectations of lower reserve bank interest rates next year.

The price of the Bitcoin currency has achieved a high rate of more than 40% since the beginning of October, with the support of the Securities and Exchange Commission, and we were able to follow the trading of the currency for the first time.

The beginning of this year 2023 was strong for cryptocurrencies amid signs of recovery, as the price of Bitcoin rose more than 125% since the beginning of the year to levels not seen in the markets since May 2022.

Bitcoin currency price

Cryptocurrency traders are awaiting the performance of the sector towards the end of the year, amid a state of uncertainty surrounding the future of interest rates in America and also increasing uncertainty in the market.

Bitcoin today
Bitcoin today

Also, the answer to the question of Bitcoin where are you going 2024 is not as easy as some people think, but digital currencies, which have become a way to trade, are now one of the most important things that investors can turn to to achieve the best profits from  Bitcoin .

Analysis indicates a rise in Bitcoin prices in 2024

Some analyzes from specialists in digital and encrypted currency trading, in addition to delving into  Bitcoin , say that next year, 2024, it will go to an unprecedented rise, to be in first place, in terms of profits and giant trades, for encrypted digital currencies.

Bitcoin where are you going 2024

Some reports from specialists in the matter related to digital currency trading say that the expected rise in  Bitcoin  will be in a state of complete alert.

Bitcoin trading specialists also answer the question of Bitcoin where are you going 2024, which is that there will be profits for Bitcoin  at the end of the current year 2023, all the way to 2024, which will be a new start for the digital currency in the world of currency trading.

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