Agencies-Gaza post
Bitcoin exceeds $25 thousand since June
The price of Bitcoin cryptocurrency briefly exceeded $25 thousand for the first time since mid-June, driven by ongoing momentum from below-expected U.S. inflation data, and increases in the development of the Ethereum network substantially.
The largest cryptocurrency rose 2.2% to $25,031, its highest since June 13, rising for a fifth straight day in a series of gains fueled by U.S. consumer price index data that fell short of expectations.
The cryptocurrency Ether grew by about 2% to $2030.50, after surpassing the $2,000 threshold on Saturday for the first time since May 31, amid optimism about the fulfillment of its long-awaited blockchain software development known as “joining.”
Sean Farrell, a digital asset strategist at Vandstart, said the next CPI would be released just two days before the merger program, thus, we expect a lot of market momentum ahead of this event, advising long and medium-term investors to consider taking advantage of any price drops as buying opportunities.
Cryptocurrencies suffered during the first half of the year, while the Federal Reserve raised interest rates to combat inflation, with the rates of Bitcoin, Ether, and other symbols falling by more than 50%.
But with U.S. inflation data falling short of anticipations last week, paving the way for less severe tightening measures than the Fed, risky assets such as the Nasdaq 100 have seen a rise, which could contribute to boosting cryptocurrency gains, which have been strongly tied to stock movements in recent months.
