Bitcoin’s market capitalization reached $ 2.2 trillion. The rally contributed to the growth of the main altcoins that followed the example of the flagship cryptocurrency. The air, the second digital capitalization coin, went up by 6%, to $ 2778, and the XRP and SOL cryptocurrencies increased by about 3%, to $ 2.45 and $ 157.5, respectively.
The head of the analytical department of the consulting company Frt Financial, the Strahinja Savic, noticed that the sharp increase in bitcoin followed a weekly lull when BTC ranged from $ 106,000 to $ 110,000. Investors are concerned about the US President Donald Trump. The aggressive policy of the US Federal Reserve (Fed) regarding interest rates and macroeconomic uncertainty in general.
In addition to the economic situation in the United States, investors are preoccupied with military operations in the Middle East and Ukraine – therefore, Bitcoin responds to investors as a digital and scarce asset, not controlled by any government, the expert explained. According to her, people regard Bitcoin as a “safe harbor.”
Prices were also affected by indirect investment of large companies in bitcoins. By
data FARSIDE Investors, since the beginning of July, the Sports Exchange Funds (ETF) on Bitcoin recorded a net inflow of funds of more than $ 1.2 billion. Other BTC growth factors can be purchased by corporations and a normative environment in the United States favorable for digital assets.
Recently, Simon Gerovich, general director of the Japanese company Metaplanet, which is considered one of the largest corporate holders of bitcoin, compared the first cryptocurrency with gold fever, since the current goal is to accumulate as many coins as possible.
Source: Bits
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