Bitcoin crosses $73,000 and reaches a new peak
Analysts claim that the arrival of major investment funds into the bitcoin market and the impending April slowdown in the rate of bitcoin creation are the main drivers of the cryptocurrency’s strong momentum.
The most popular cryptocurrency on the market, bitcoin, broke beyond $72,900 on Tuesday to set a new high. However, it quickly fell down to $71,839 following that.
After 14.00 GMT, the most popular cryptocurrency reached $72,968, according on data from Bloomberg.
Thus, since this Monday, when it hit $72,880.83, it has once again established a new record.
The bitcoin hit $69,191.9 on the 5th, exactly one week ago, breaking the previous high set on November 10, 2021, at $68,991.
According to analysts, the strong momentum of bitcoin is due to the entry of large investment funds in the cryptocurrency market and the upcoming reduction, in April, in the rate of bitcoin creation.
For eToro analyst Simon Peters, the increased likelihood of interest rate cuts has been «positive» for cryptoasset prices.
However, in his view, a higher-than-expected CPI print «could halt the current cryptocurrency rally or even cause a small pullback in crypto asset prices.»
