Bitcoin's price has gone up to $30,000 which is the highest it's been since last June. This is also the highest price it's reached so far in 2023.
On Tuesday, the price of Bitcoin went up and passed the important level of $30,000. People who invest in cryptocurrencies are waiting to see how the inflation data for the week would affect the prices. The value of Bitcoin, which is the biggest cryptocurrency, went up by 7% and reached $30,107. This was the first time it had been this high since June.
Some experts predicted that Bitcoin price will hit $30,000 because traders are waiting for the United States Consumer Price Index (CPI) report on April 12. This report will help people understand how the Federal Reserve will be dealing with inflation and data is expected to calm down and come lower than last month.
Another popular cryptocurrency Ether also went up by more than 3.5% and reached $1,925. Investors are interested to see how the Ethereum network's latest upgrade, which is scheduled for Wednesday, will affect its price.
At the beginning of the year, the value of Bitcoin was $16,600 and it was not doing very well. However, it has now recovered and its value has gone up by over 80%. This is surprising because there have been a lot of problems with regulations for the cryptocurrency industry and investors are usually hesitant to take risks with assets like this.