Bitcoin's rapid growth..! 41 percent growth in 21 days..!

Bitcoin price surged 2.3 percent to touch $23,199 on Saturday, giving crypto investors a shock. Bitcoin price has increased by $521 since the end of trading on Friday. Not only in india but the whole world is imposing taxes, bans, and restrictions to oppose cryptocurrency investment, and crypto investments have decreased. In this situation, investments in cryptocurrency have increased since the beginning of 2023. This has not only become a topic of discussion among crypto investors but has also prompted many to reinvest. Bitcoin, the world's most popular high-value cryptocurrency, has seen a major turnaround since the start of 2023, with 2022 being the worst hit. As a result, investors have once again begun to flock to the crypto market. Bitcoin, the king of cryptocurrencies, has seen a year-to-date low of $16,496 on january 1, up 40.6 percent in today's trade. Yes, almost 41 percent growth in 21 days. It is awe-inspiring to think about.The price of Bitcoin was just $16,500 on january 1st and has soared to a high of $23,249.89 today. This has made crypto investors very happy. But for long-term investors, the 41 percent rise was a minor improvement from a major decline. Ethereum, a currency linked to the Ethereum blockchain network that is central to the world's most trusted crypto network, rose 0.58 percent to $1,668.1 on Saturday. 9.7 USD higher than yesterday's trade.Usually, when the dollar falls, investors shift their money to new investment platforms when the economy goes into recession. Although gold is always in the first place, today's young investors, organizations that invest a lot in the tech sector, etc. have kept cryptocurrency as the main option. Based on this, the head of the IMF said at the beginning of january that the United States, China, and europe will enter a recession in 2023. Following this, there was some commotion in the investment market. As a result, crypto investments have started to increase. Confirming this recession, US retail sales in december reached the lowest reading in a year. At the same time, production levels recorded the biggest drop in almost two years.The basic reason for all of them is that the interest rate on loans taken by commercial and manufacturing companies is very high. As a result, the entire trading system has embraced a sluggish state even during the festive season, causing fear among investors. Even so, the US central bank, and the Federal Reserve officials, are saying that interest rates should rise above 5% as economic activity slows down while the country's inflation is showing signs of peaking. Bitcoin rallied nearly 10 percent to a high of $23,249.89 today, which was the main reason. It is for the same reason that gold prices also touched new highs in the indian markets on Friday.

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Sowmiya Sriram

22/01/2023 03:17 PM