Bitcoin breaks through $30,000, setting new price high for 2023. Be…

Bitcoin is trading above the $30,200 mark! The crypto market leader set a new high for the year 2023 on Tuesday. Notably, Bitcoin touched the psychological mark of $30,000 for the first time since June last year. The current year is fruitful for crypto, where it has gained almost 84% so far, making Bitcoin the best performing asset in the various markets in minutes first of 2023. The latest recovery shows the growing

interest in cryptocurrencies among Indian investors. . At the time of writing, Bitcoin is trading at $30,244.20, up 6.15%. The crypto reached $30,293.32 during the day — which is also a 30-day high. It is also the most popular cryptocurrency on Tuesday. Bitcoin dominance rose 0.83% to 47.15% in the market from the previous day, according to CoinMarketCap. Bitcoin gained nearly 8% in seven trading sessions.

Rahul Pagidipati, CEO of Bitcoin ZebPay, said, “Bitcoin has been in an upward trend since the beginning of 2023. On January 1, Bitcoin started trading at around $16,500. As of April 11, the stock is trading above the $30,000 mark, an almost 80% gain since January 2023.

This is the first time since June 2022 that Bitcoin has reached this level. If the asset is above the psychological stability level of $30,000, we can see the price rise further.”

As CoinDCX Research revealed that Bitcoin broke above the $30,000 level for the first time since June 2022, setting a new high price for 2023. Over the past 30 days, Bitcoin has recorded a huge gain of almost 50%, reaching its highest level in 10 months on April 11, 2023.

According to CoinDCX, the rise can be attributed to various factors such as rising inflation in the United States, instability in the banking sector, and uncertainty around the stablecoin. Many investors are betting against a decline in the value of the US dollar and investing in Bitcoin as a hedge against inflation.

Bitcoin was the most active asset class in the first quarter of 2023, registering a gain of almost 70%. This led to an increase in corporate adoption, with big players like MicroStrategy gathering around 1,40,000 Bitcoin, one of the largest corporate holders to date. In addition, CoinDCX research explained that the news about the upcoming Bitcoin halving,

scheduled for April 2024, is also starting to pick up, which is already a bullish signal for the Bitcoin and crypto markets. Meanwhile, Parth Chaturvedi, Head of Crypto Ecosystem, CoinSwitch said,

“As the US economy faces a growing ‘hard recession,’ while high interest rates are going to “Faced with the crisis of banks, investors are turning to safer classes, such as. Despite the banking challenges facing the crypto industry in the United States,

together The bitcoin market continues to evolve and is “decoupled” from traditional currencies.

In addition, looking at the historical price cycle of BTC, Chaturvedi said, “We are almost a year away from another price cut, which usually marks the beginning of a bull run. An increase in price is often accompanied by an increase in sales volume. Therefore, it can be said that investors are in favor of Bitcoin. We can expect another increase in the price.”

Looking ahead, Pagidipati said, “regardless of the price gains in the short term, we believe that Bitcoin is a very valuable asset with long-term potential.”

But Rajagopal Menon, VP of WazirX, pointed out that despite Bitcoin passing $30,000 for the first time since June 2022, “there has been no increase in volumes on WazirX and many volumes from transactions have been restricted”.

Menon revealed that although there was a silent celebration, many traders still believed that the market was in the midst of a boom.

According to the vice president of WazirX, as the crypto world prepares for the next Bitcoin halving, which is expected to take place around May 4, 2024,

when Bitcoin reaches 840,000 blocks, customers are preparing for period of bullish mini-color and strength. setbacks. This reduction event is the fourth sign of the protocol designed to 50% compensation of labor costs, which happens every 210,000 blocks or about every four years.

Speaking, Menon said that “the coming halving is about reducing the rate of new Bitcoins created, which will lead to a lower supply and increased scarcity. This can lead to higher demand and, therefore, a possible increase in the price of Bitcoin. Such important events have been reported and marketed with keen interest.

Investors should keep an eye on the report of the US Consumer Price Index (CPI) for March, which will be released on April 12 and will also provide important information about the Federal Reserve’s war on inflation,

affecting the crypto market. ZebPay CEO said, “US Consumer Price Index (CPI) data this week may affect this trend again.