Bitcoin jumped to the highest level since June last year

This week, the value of bitcoin rose to its highest level since June last year. According to cryptocurrency analysts, the upward trend in the market’s flagship is due to the fact that some investors have bet on the suspension of interest rate hikes by the US Federal Reserve.

Investors usually consider BTC $56,683.29 Bitcoin -2.72% Market capitalization $1.12 trillion VOL. 24 hours $4.55 billion as a risky asset due to the high level of cryptocurrency volatility. A number of factors contributed to the growth of bitcoin at the end of the week. For example, more and more investors are hoping that the US Federal Reserve’s interest rate hike cycle may be completed amid financial turmoil following the collapse of three US banks last week.

«Suddenly there is a question of whether the Fed will continue to raise,» said Christopher Bendixen, head of cryptocurrency research at digital asset management company CoinShares. He also noted that some traditional investors have become interested in bitcoin amid fears of further turmoil in the banking sector. Bitcoin’s attractiveness is enhanced by the fact that it is not pegged to the dollar, so its value may rise again in the near future.

Overall, bitcoin grew by 36.4% over the week, according to CoinGecko. «People are focusing on bitcoin again, with the number of messages about BTC at its highest level since July 2022. Massive discussions of bitcoin are a sign of fear in the market ,» said representatives of the analytical company Santiment.