Thursday, 26 October 2023
Gunman opens fire on city of Buffalo vehicle, killing one employee and wounding two others
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Wife of ex-Alaska Airlines pilot says she's in shock after averted Horizon Air disaster
Wednesday, 25 October 2023
White House wants more than $23 billion from Congress to respond to natural disasters
Tennessee attorney general sues federal government over abortion rule blocking funding
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Hyundai is rapidly building its first US electric vehicle plant, with production on track for 2025
Tuesday, 24 October 2023
Bagged, precut onions linked to salmonella outbreak that has sickened 73 people in 22 states
Oregon State University gives all clear after alerting bomb threat in food delivery robots
States sue Meta claiming its social platforms are addictive and harm children's mental health
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California regulators suspend San Francisco robotaxi service for safety reasons
Monday, 23 October 2023
US Forest Service sued over flooding deaths in the wake of New Mexico's largest recorded wildfire
Bitcoin Nears $31,000 Mark. Here Are The Reasons For Its Recent Boom
Cryptocurrency Bitcoin is witnessing a boom and the coin managed to gain 2.19 per cent and traded at $30,543.48 on Monday. The value of the largest cryptocurrency by circulation went up by over 9.5 per cent in the past seven days and is nearing the $31,000 mark now.
Bitcoin price witnessed sluggish growth and lost significant value in the crypto crashes in recent years. Bitcoin managed to attain an all-time high of $68,789.63 on November 10, 2021, before it started dropping in value. The tables have turned now owing to the recent surge rally in the crypto domain.
At the time of writing, Bitcoin held a market capitalization of $596.19 billion, up by 2.2 per cent, according to CoinMarketCap statistics. In addition, the 24-hour trade volume saw a substantial hike of 22.5 per cent and was recorded at $16.14 billion. In the past month, the cryptocurrency behemoth gained 14.91 per cent in value.
October has proven to be a lucky month for Bitcoin, aka BTC, and the entire crypto market. In October, Bitcoin price shot up by about 12.7 per cent.
The recent Bitcoin surge can be attributed to several key factors. At first, the market for crypto rallied on October 21 and led to the liquidation of about $64 million in short positions in the span of 24 hours. This liquidation, including a staggering figure of $2.53 million on the crypto trading app Binance forced short-sellers to cover their positions, thereby adding to the Bitcoin demand.
In addition, US Federal Reserve Chair Jerome Powell's hints of possible suspension of interest rate hikes may have also had an immediate effect on Bitcoin price.
According to a report by Coinpedia, on October 19, Bitcoin surged by about 3.7 per cent after Powell's remarks.
Apart from the above mentioned factors, the crypto market sentiment was further boosted by a drop in charges against Ripple executives in the XRP vs SEC lawsuit. The XRP price rose over 8 per cent on Thursday and likely affected Bitcoin's price as well, considering that cryptocurrency is an integrated market.
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Sunday, 22 October 2023
Search for suspect in fatal shooting of Maryland judge continues for a fourth day
Deal to force multinational companies to pay a 15% minimum tax is marred by loopholes, watchdog says
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