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- The previous occasion Bitcoin hit the 30K mark was in April 2023.
- BTC has increased by over 10% in the past 24 hours.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, has achieved the $30K milestone for the second time this year. The last time Bitcoin reached this level was in April 2023, as reported by CoinMarketCap.
On May 21, Bitcoin saw a notable increase that enabled it to attain the $30,000 trading price milestone. This sudden rise in Bitcoin enhances investor confidence and positively influences the entire crypto market.
Bitcoin’s Performance in 2023
Throughout 2023, Bitcoin has experienced numerous fluctuations. BTC began the year trading around the $20K level and has shown clear bullish signals. In April, Bitcoin achieved a new trading price high. BTC surpassed the psychological threshold of $30K for the first time since June 2022. Additionally, with this significant achievement, Bitcoin emerged as the top-performing asset in the crypto market during Q1 of 2023.
The performance of BTC has attracted considerable attention within the crypto market. Investors have begun to anticipate that the bullish trend of Bitcoin will persist and reach new heights. However, shortly after exceeding the $30K mark, BTC dropped below the $28K level within a few days. Various factors continue to influence the crypto market, which is now reflected in Bitcoin’s trading price.
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The ongoing legal actions against crypto firms by the U.S. Securities and Exchange Commission have significantly impacted the crypto market. Following this, Bitcoin experienced consecutive declines from its peak of $30K. Furthermore, the Federal Reserve’s interest rate hikes are also believed to be contributing factors affecting BTC’s trading price.
Subsequently, Bitcoin’s trading price continued to decrease, hovering around the $25K mark. The entire crypto market has observed a downward trend following the SEC’s filings against major crypto exchanges, Binance and Coinbase.
Peter Schiff, the founder of Schiff Gold, shared his perspective on BTC reaching the $28K mark yesterday. He noted that this price increase was not driven by any brokerage platform.
Several Factors Contributed to the BTC Surge
Nevertheless, the SEC’s influence on BTC was short-lived. As the largest cryptocurrency, BTC has surpassed $30,000 for the second time this year. The cryptocurrency has risen by more than 10% in the last 24 hours.
The surge in BTC coincides with several developments, including BlackRock’s submission of spot Bitcoin ETF applications. On Tuesday, the EDX cryptocurrency exchange announced it would offer four tokens in the United States, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Following this announcement, Bitcoin Cash (BHC) also experienced a rise, increasing by 25% on the day.
Additionally, Deutsche Bank, based in Germany, has announced its application for a digital asset custody license in Germany. This news has positively impacted the crypto market, indicating that a leading financial institution in Germany is interested in crypto adoption.
At the time of writing, Bitcoin’s trading price is approximately $30,073, reflecting a 7.74% increase in the last 24 hours. The trading volume of BTC has seen a substantial rise of 70.92%, according to CoinMarketCap. Furthermore, the bullish momentum is anticipated to propel BTC to even greater heights in the coming days.
