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Crypto: For the 3rd time this year, Bitcoin (BTC) hits the $30,000 mark!

Mon 23 Oct 2023 ▪ 3 min of reading ▪ by Luc Jose A.
Getting informed Investissement

Since June, bitcoin (BTC) had been struggling to reach the $30,000 valuation mark it had reached a few months earlier. Now it’s done it again. In the following lines, we’ll explain what’s behind this latest upturn in the market for the flagship crypto.

A bitcoin

Investor enthusiasm triggers a rally in the flagship crypto

After several weeks of resistance, bitcoin (BTC) has once again hit the $30,000 mark. This is the 3ᵉ time, since the beginning of the year, that this has happened. A surge that confirms the projections of several experts on this subject.

How can we explain this latest upturn in bitcoin’s valuation? For some analysts, you don’t have to look far. The enthusiasm that has reigned in the crypto ecosystem over the past few days is the first clue.

Other crypto specialists go further, attributing the surge in bitcoin’s price to much more factual elements. The first, and most important, is the prospect of the imminent approval of a Bitcoin ETF.

With this prospect, which has the backing of firms such as JPMorgan, at least $150 billion in institutional investments and qualified investors are expected. An influx that would propel the total valuation of the crypto market above the $1,000 billion mark.

A delayed rise in the price of BTC?

Larry Fink, CEO of BlackRock, was not indifferent to the rise in the price of BTC. Commenting on the news, he described the rise in the price of the flagship crypto as “a manifestation of pent-up demand”.

In other words, Larry Fink believes that BTC’s meteoric rise is the result of pre-existing, pent-up demand that has finally been unleashed. A comment that highlights the crypto market’s growing attractiveness, which he expects to maintain its upward momentum.

It’s an interesting prospect, but don’t be fooled. Indeed, despite the prevailing optimism, experts are pointing to some major operational concerns. These concern the cumulative volume of trade, which remains below 40 billion.

Added to this are concerns about the relatively low liquidity of exchanges. These concerns suggest that the price of bitcoin could fall back to around $27,300. Over the past hour, BTC has lost 0.37% of its price, to trade at around $29,890.

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Luc Jose A. avatar
Luc Jose A.

Graduated from Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, relay the latest technological innovations, and put the economic and societal issues of this ongoing revolution into perspective.


The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.