Dis new jump na because U.S. and China dey try settle trade wahala, plus di downgrade wey Moody’s give U.S. government debt don make investors dey find other better places to put dia money wey no be U.S. dollar. Di move show say Bitcoin don bounce back 50% from April low, show strong movement wey dey powered by big institutional investors and better U.S. regulation wey favour crypto.
“Now wey Bitcoin don pass January high and don bounce 50% from April bottom, e mean say we don enter new zone wey people dey call ‘blue sky territory’,” na wetin Antoni Trenchev, wey be co-founder of crypto trading platform Nexo, tell Reuters.
Bitcoin performance dey like tech stocks own too. Tech market, especially Nasdaq index wey dey heavy with tech companies, don go up 30% since early April. U.S. dollar weakness still make Bitcoin dey sweet investors wey dey find protection from money wey dey lose value.
Market people and crypto supporters dey talk say di involvement of big traditional financial institutions na big reason why Bitcoin price rise. JPMorgan CEO, Jamie Dimon, wey no too like crypto before, talk this week say di bank go now allow dia clients to buy Bitcoin. Another big moment be say Coinbase, one popular crypto exchange, don enter S&P 500 index.
Even with all dis gain, crypto still dey face some wahala. Coinbase talk on Monday say di U.S. Department of Justice don open investigation into data breach wey happen for dia company.
Trenchev talk say Bitcoin still fit climb more. E talk say based on di usual four-year halving cycle wey dey reduce reward for miners, Bitcoin still get space to grow. “We still dey for year four of di Bitcoin price cycle – di year after di halving – and history dey show say na that time Bitcoin dey shine pass,” e talk. E still add say di $150,000 target for 2025 still dey possible, even though wahala fit still show from economic shakings and price up-and-down.
Meanwhile, Ether, wey be second-biggest crypto, no follow Bitcoin climb. E last price drop by 0.5% to $2,513, show say di performance of big cryptos no dey equal for now.
