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- Bitcoin reached the $30.4K mark, achieving its highest level in 10 months.
- The trading volume for BTC surged by over 89.3% in the past 24 hours.
Bitcoin surpassed the $30,000 threshold, concluding its three-week period of consolidation. This leading cryptocurrency achieved a 10-month peak at $30,430, marking a new high following a series of downturns in 2022, including the collapses of Terra Luna, Celsius, and FTX, as well as recent bank runs in the US.
Bitcoin Price Chart (Source: TradingView)
This breakout is seen as a significant milestone for analysts to validate BTC’s bull market. Data from TradingView indicates that BTC has increased by over 82% — rising from $16,622 at the beginning of 2023 to more than $30,400. This price increase has propelled the global cryptocurrency market capitalization to rise over 54% year-to-date, from $793.6 billion to $1.23 trillion. Specifically, the breakout at the $30K level contributed to a market value increase of more than 4%.
Bitcoin Bull Market Confirmed
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Conversely, the US banking crisis appears to be diminishing in severity. Bloomberg has reported a reduction in the debt issued by the Federal Home Loan Bank (FHLB) system to four major crypto-focused banks. The debt has decreased from a peak of $340 billion to $37 billion, indicating that the crisis may be approaching its conclusion. However, Bitcoin remained unaffected by the bank runs, trading within the $27-29K range.
Google Trends and Ahrefs have indicated a rise in Bitcoin’s search volume online. Notably, in the US, the term achieved a search volume of 12 million, outpacing other terms such as “Donald Trump,” “Breaking News,” and “Elvis Presley.” This reflects the accelerating phase of Bitcoin’s and other cryptocurrencies’ adoption and popularity. Additionally, other reports have highlighted Bitcoin becoming perceived as “less risky” compared to other real-world assets.
Despite this positive momentum, Bitcoin mining is encountering regulatory challenges from the Texas government. Texas is recognized as a leading hub for Bitcoin mining. The state regulators are supporting an anti-Bitcoin mining bill, which is approaching a final vote. In response, Bitcoin advocates are launching a rally campaign titled “Don’t Mess With Texas Innovation.” In a favorable development, prominent Bitcoin supporter Dennis Porter announced that the Rockdale City Council voted against this bill.
As of this writing, there are only 1,657,057 BTC remaining to be mined. It is anticipated that the fourth BTC halving cycle will begin in less than 380 days.
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