The price of bitcoin has risen to its highest level since last summer, owing to the fact that some investors have hoped that the US Federal Reserve would raise interest rates sooner than expected.
Bitcoin is worth more than $27,566 per coin at the time of writing this article, according to data from the CoinDesk platform. Other popular cryptocurrencies include Ethereum, which has increased in value by more than 10% in the last 24 hours, and Bitcoin Cash, which has increased in price by more than 10% to $136,45 per item.
Due to the high degree of volatility in bitcoin, investors consider it to be a high-risk asset. At the end of the week, a number of factors contributed to bitcoin's growth. Thus, more and more investors are betting that the US Federal Reserve's hiked interest rates would be completed following the collapse of two US banks last week.
"Suddenly the question became whether the Fed would continue to raise," according to CoinShares' head of crypto research. He noted that some traditional investors have become interested in bitcoin due to concerns over further banking instability in the future.
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