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Why Bitcoin is Soaring: A Deep Dive

Bitcoin's recent surge to new highs can be attributed to several key factors: Institutional Adoption Increased Institutional Interest: A growing number of institutional investors, such as hedge funds and corporations, are recognizing Bitcoin as a viable asset class. This increased institutional demand has fueled price appreciation. ETF Approvals: The approval of Bitcoin ETFs in the US has made it easier for institutional investors to invest in Bitcoin, further driving demand. Macroeconomic Factors Global Economic Uncertainty: Economic uncertainties, such as inflation and geopolitical tensions, have led investors to seek alternative assets like Bitcoin. Central Bank Policies: Central banks' monetary policies, including interest rate cuts and quantitative easing, have influenced the overall market sentiment and indirectly impacted Bitcoin's price. Network Growth and Development Increased Network Security: Bitcoin's network has become more secure over time, m...

Bitcoin is legal in Central African Republic

Jakub Porzycki | Nurphoto | Getty Images The Central African Republic has become the second country in the world to adopt bitcoin as official currency, after El Salvador took the same step last year. Lawmakers in the CAR’s parliament voted unanimously to pass a bill legalizing bitcoin and other cryptocurrencies, according to a statement from the presidency. Bitcoin will be considered legal tender alongside the regional Central African CFA franc. Obed Namsio, chief of staff to President Faustin-Archange Touadera, called the move “a decisive step toward opening up new opportunities for our country,” according to Reuters . The CAR is rich in diamonds, gold and other valuable minerals, but ranks as one of the world’s poorest and least-developed countries. Roughly 71% of CAR’s 5.4 million inhabitants were living below the international poverty line in 2020, according to the World Bank. The country, which is landlocked in the heart of Africa, has been gripp...

Bitcoin jumps to $40,000 after Fed chair Powell rules out bigger rate hikes

The price of bitcoin climbed about 6% Wednesday after the Federal Reserve raised rates by half a point —the biggest hike in about 20 years — as expected. Bitcoin began climbing ahead of the end of the Federal Open Market Committee’s meeting. The half-point hike was widely expected by many. Its surge accelerated after Fed Chair Jerome Powell ruled out the possibility of a 75-basis-point increase. “A 75-basis-point increase is not something that the committee is actively considering,” Powell said. “I think expectations are that we’ll start to see inflation, you know, flattening out.” At one point amid Powell’s afternoon remarks, bitcoin climbed as high as $40,002.75. Crypto assets across the market rose with it. “Any FOMC guidance that does not include a 0.75 percent interest rate increase would be bullish for both crypto and equities,” said Nick Mancini, director of research at crypto sentiment analytics platform Trade The Chain. “We believe that the market has priced i...

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