2023-12-10 09:30:18
Bitcoin rose strongly this week, as the world’s number one cryptocurrency reached its highest level this year, with a recovery in financial assets that benefited from the decline of the dollar.
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The likelihood of the end of the cycle of monetary tightening followed by the Federal Reserve Bank over the course of more than a year and a half has contributed to the recovery of all financial assets, such as the main indices in global stock exchanges, as well as gold, which recorded record levels that it had never seen before after exceeding levels of $2,100 per ounce, while Bitcoin rose to its highest level in 2023. This year represented one of the most windy years for the cryptocurrency, as it ranked ninth among the largest assets in terms of market value after it rose by 166 percent, reaching $860 billion.
Other reports, expectations of the end of the monetary tightening cycle, and expectations of an earlier shift in monetary policy than previously expected have contributed to Bitcoin’s gains. Recent expectations indicate the possibility of lowering interest rates in the United States after the end of the first quarter of 2024, compared to previous expectations, which indicated the possibility of lowering interest rates at the beginning of the third quarter of the year. The most prominent factors that prompted the rise of Bitcoin were reports about the approaching approval of Bitcoin exchange-traded funds (ETFs) submitted by major investment companies and funds to the relevant American bodies.
On the other hand, this year was not without some negative news for cryptocurrencies, most notably the obstacles facing one of the largest cryptocurrency exchanges in the world, Binance, which admitted earlier last month to lying in some of the accusations directed against it by the American and private authorities. For anti-money laundering crimes, which resulted in a fine of approximately $4.3 billion, at the same time, the founder of the exchange, Changpeng Zhao, pleaded guilty and announced that he had resigned from his position as CEO of the Binance exchange.
Bitcoin jumped by 9.97% during this week’s trading, recording about $43,801. Meanwhile, Ethereum price rose by 6.56% and reached $2,345.
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