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Bitcoin price rose 7.8% to $70,995.48 and reached $71,239.31 in afternoon trading, according to Coin Metrics.
Bitcoin’s gains also supported other cryptocurrencies; Ethereum rose 7.4% to $3,634.80. MicroStrategy, a company often seen as representative of Bitcoin’s value, rose 21%, while Coinbase and several mining companies also made significant gains.
Bitcoin went through a correction period last week after reaching an all-time high of $73,797.68 on March 14. However, it is clear that the cryptocurrency is strengthening and a healthy pullback is seen as a natural defense against it. Background of the historic bull run.
Analysts believe many things will help on Monday morning. Alex Thorn, head of enterprise-wide research at Galaxy Digital, noted that Greyscale Bitcoin Trust (GBTC) has seen data decline over the past two weeks, likely due to the trading financial loss of Genesis and Gemini, which has negatively impacted the price. . upset However, the measures taken are driving seller fatigue, which can cause the price to bounce back.
Additionally, Swan Bitcoin Chief Research Officer Sam Callahan referenced the Fed’s statement last week that the Fed may move toward monetary policy financing by lowering interest rates and slowing the pace of many tightenings. This guidance from the Fed could improve the money supply and therefore be good for assets including Bitcoin.
Despite the volatility, Bitcoin has shown strong momentum throughout March, rising 14% during the month and posting positive growth of 66% in the first quarter of this year. Amid changing monetary policy and economic uncertainty, cryptocurrencies continue to attract interest from investors looking to diversify into digital assets.