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Resurgence of Bitcoin: Cryptocurrency Hits Over $30,000 For the First Time Since 2022 Bitcoin has gained about 6% since the start of the month, after rising 23% in March

By Teena Jose

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It seems major cryptocurrency Bitcoin is making a comeback. On 11th April, 2023, the cryptocurrency crossed $30,000 for the first time since 2022. It is a gain of nearly a whopping 80% since the start of the year. Of which, 23% was registered in March alone. Since the start of this month, the currency has gained 6%.

According to key people in the industry, the recent surge of Bitcoin is a notable testament to the resilience and robustness of the cryptocurrency market. "In particular, it serves as a clarion call for the significance of decentralized finance in the current banking crisis. With traditional banking systems facing numerous challenges, including regulatory hurdles and slow transaction times, the adoption of decentralized finance has become increasingly appealing to investors and enthusiasts. As more people turn to decentralized finance, it is likely that Bitcoin's popularity and value will continue to grow, providing an important avenue for the transformation of the global financial landscape," said Kumar Gaurav, founder and CEO, Cashaa.

The latest Bitcoin rally is expected to uplift the sentiments of the crypto community across the globe and the Ethereum Shanghai upgrade which is scheduled to go live tomorrow, is adding to the euphoria around digital assets. "Bitcoin-related stocks are also witnessing an upward trend owing to the BTC rally and the momentum is expected to continue if the macroeconomic factors remain favorable," says Om Malviya, president, Tezos India.

Some experts are also of the view that with the breaching of $30,000 mark, Bitcoin currency has entered an early bull phase. "The crypto market cap is at a whopping $1.23 trillion mark with BTC and ETH leading the effort. As Bitcoin price rises, we may also see some investors liquidating their positions to book profit, which may result in a healthy pullback," said Shivam Thakral, CEO, BuyUcoin.

Dubai-based web3 entrepreneur Bilal Rahazaoui shared his viewpoints on Bitcoin's bull run that Bitcoin rallying past $30K is a significant market movement that presents both opportunities and risks, and added that, "On the one hand, the renewed investor interest in Bitcoin and the potential for a domino effect on the rest of the market could create profitable trading opportunities. On the other hand, the volatility of the cryptocurrency market and the potential for sudden price swings means that traders need to exercise caution and employ adequate risk management strategies. While the increasing adoption of Bitcoin by mainstream financial institutions and corporations is an encouraging sign, traders must also consider other economic factors and market trends that could impact the value of cryptocurrencies. Ultimately, success in trading cryptocurrencies requires a thorough understanding of the market and a disciplined approach to risk management."

The next Bitcoin halving event (estimated to occur around May 4, 2024), when Bitcoin reaches 840,000 blocks is also expected to drive the price further, "This halving event marks the fourth protocol-designed 50% reduction in block rewards, which happens every 210,000 blocks or approximately every four years. The upcoming halving is poised to reduce the rate at which new Bitcoin is created, resulting in a lower available supply and increased scarcity. This could lead to higher demand and, surge in Bitcoin's price. The implications of such a significant event have many speculating and watching the markets with bated breath," says Rajagopal Menon, vice-president, WazirX.

Even though the increase in the value is being seen as a comeback, Bitcoin is reportedly down more than 50% from its all-time high in November 2021 ($68,789). The devaluation of crypto platforms is said to be happened because of the various components like rising inflation, interest rates and economic uncertainty that drove investors to sell risk assets throughout the year and also the fall of well-known crypto projects including Terra LUNA and Celsius, the major factor was the bankruptcy of FTX exchange.

Meanwhile, finance minister Nirmala Sitharaman announced that India's G20 presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market and added that, "We seek to develop a common framework for all countries to deal with this matter." It was also reported that the last year's episode of FTX's bankruptcy, and its spat with Binance triggered a huge sell-off in the market and reduced liquidity. But even with all these pull-backs, Bitcoin has gained the strength to step into this key point.

Bitcoin has grown by over 50% since December 2022 and recently crossed the $30,000 mark. "We believe that the current market is neutral, which is healthy for the overall crypto industry, and that the blockchain ecosystem is gradually regaining momentum. With the risks of inflation and recession, as well as the decline of major banks like SVB and Credit Suisse, there is speculation as to whether Bitcoin could provide a solution to global economic challenges. Nonetheless, the positive sentiment reflected in the rising price of Bitcoin is helping to restore faith in the crypto market," said Shrikant Bhalerao, co founder, Seracle

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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