Bitcoin Soared to an All-Time High in 2022
The largest cryptocurrency by market capitalization, Bitcoin, has reached its quarterly high. The price of $BTC briefly exceeded $47,524 before falling into the $46,850.
Bitcoin to hit dizzying ‘old heights’?
According to the experts, trading volumes are rising as buyers try to turn this resistance into support and take further pricing steps. Bitcoin had a strong week and demonstrated resilience amid the FED’s decision to raise interest rates, over a week ago, and the ongoing economic fallout from Russia’s military operation in Ukraine.
The experts also noted that ‘Bitcoin bulls’ want to see price consolidation above $46,000 to continue, but after the end of the quarter, we may see increased volatility.
Since the beginning of the conflict in Ukraine, cryptocurrencies have come in handy when the traditional financial system has experienced turmoil, says the Deputy Minister of the Ukrainian Ministry of Digital Transformation, Alex Bornyakov. The war in Ukraine has wreaked havoc on the global economy having a profound effect on the stock markets and raw material prices. On the contrary, the Bitcoin rate, a few days after the start of the conflict, began to show rapid growth.
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