Jenny Asemota
Bitcoin ended its four-week price decline, recording its first weekly gain since August. The largest crypto asset by market value has increased about 2.5% since last Saturday to about $26,458.
The surge takes Bitcoin to its highest level this month, easing concerns about a potential September downturn that could impact its impressive year-to-date performance.
Despite this uptick in inflation data, the bulls anticipate that the Federal Reserve’s hawkish narrative will water down, as the agency is expected to leave interest rates unchanged at its policy meeting next week.
Recall that the crypto market started the past week with significant losses, falling below $25,000 for the first time since mid-June on fears that bankrupt crypto exchange FTX will soon begin unloading all assets digital assets, including more than $500 million worth of bitcoin.
Price actions validated such macros as Bitcoin broke the $25,500 resistance level coinciding with the market becoming aware of BlackRock’s Bitcoin ETF filing in June.
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