The rise in US bond yields and the decline of the dollar during the recent period led to an increase in investors’ appetite for the “crypto” market and the intensification of purchases of Bitcoin (the most famous cryptocurrency in the world), so that the currency received strong support after the global central banks began to tighten their monetary policies and reduce stimulus packages.
Bitcoin usually finds support points at the level of 45 thousand dollars and points of resistance at 50 thousand dollars, but it is expected for strong increases during the current year that may exceed the 60 thousand dollars barrier, especially after the recommendations of the International Monetary Fund to governments and global central banks not to ignore the cryptocurrency markets and try to legalize them and adapt with her.
Cryptocurrency bitcoin gained a massive boost after Tesla and Amazon agreed to pay for purchases in bitcoin.
On the other hand, China, America, India and Turkey imposed strict restrictions on the mining or trading of cryptocurrencies, but the “crypto” market was able to overcome these obstacles recently, with strong support from investors’ fears of savage inflation rates during the coming period.
The market value of the cryptocurrency market rose during early trading today, Saturday, by 0.49%, to reach $2.23 trillion, with a volume of trading in the last 24 hours, which recorded about $91.18 billion.