Crypto Coins Info

Bitcoin passed the $22,000 threshold

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The Bitcoin exchange rate continues to grow smoothly. Despite the negative news about cryptocurrency lender Genesis, the value of the leading cryptocurrency has risen.
Following the continuation of the rally in the stock markets this week, the decline of the dollar index (DXY) Bitcoin was able to overcome the psychological threshold of $22,000.

It can be assumed that the price of $21,000 will now be the new low value of Bitcoin in the short term.

As you know, the FOMC will hold a meeting on January 31, and a decision on interest rates is expected the very next day. Positive inflation data may influence the decision of the FOMC and lead to an increase in both Bitcoin and company stocks. After disappointing Q4 2022 US bank reports, the market has rebounded and expects further growth.

Rise in the price of Bitcoin leads to an increase in the shares of large miners. 

The rise in the value of Bitcoin has seen the MVIS Index, which includes data on the top 20 miners such as Riot, Galaxy Digital, Iris Energy, rise by over 63% since the beginning of this year.

In January, the index was able to show the biggest increase since the start of 2021. Shares of companies such as Bitfarms rose by 139%, shares of Marathon Digital by 120%.

This growth is due precisely to the fact that the value of Bitcoin is recovering. Recall that since the beginning of January 2023, BTC has increased in value by 26%, from $16,000 to $21,000. Miner profits have grown despite the fact that the difficulty of mining the asset has risen to a record high and an increasing number of miners began to connect to the network.

It is not yet known how long the growth of Bitcoin and, accordingly, the shares of the largest mining companies will continue. Most likely, growth will continue in the short term, if there are no unexpected negative news.

At the same time, it is unlikely that during February we should expect to overcome the threshold of $25,000. Too many conflicting factors affect the stock markets and the overall situation in the global economy.

But the fact that BTC is recovering is already a good thing, and the predictions of some analysts that its price will fall to $10,000 have not materialized. At least for now!

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