Bitcoin price rose significantly for a second consecutive day, despite disappointing earnings from the tech sector
Bitcoin price continued its recent mini-surge, topping $21,000 at one point after Canada’s central bank raised its primary interest rate less robustly than expected, despite disappointing earnings late Tuesday by Google parent Alphabet and software giant Microsoft. At the time of writing, BTC is changing hands at $20,750.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin Price Continues Its Upturn, Rests Comfortably Over $20.7K
The largest cryptocurrency by market capitalization was recently trading at about $20,800, up more than 3.5% over the past 24 hours amid the Bank of Canada’s approval of a 50 basis point (BPS) hike instead of 75 BPS. The bank noted its concerns about the slowing of the economy. Central bankers globally have been trying to tame inflation without sparking a steep recession. On Tuesday, BTC topped $20,000 for the first time since Oct. 5.
“Ethereum’s price has jumped all the way up to $1,589 for the first time since June 15th. Trading volume has suddenly flourished with traders riding this price wave, and social platform discussions are at the highest since post-Merge talks”, Santiment reported.
Ether was recently changing hands at $1,575, a nearly 8% gain from Tuesday, same time, tacking onto its more than 11% increase of the following day. The second-largest crypto in market value has reached its highest level since mid-September.
Most major altcoins were well in the green, with popular meme coins DOGE and SHIB recently up more than 14% and 5%, respectively. The former’s rise comes amid the approaching close of billionaire entrepreneur and DOGE enthusiast Elon Musk’s acquisition of the social media platform Twitter.
Read more:
- Analyst Opines On What May Help Bitcoin Price Finally Jump To $24,000 Level
- Google Searches For Bitcoin Reached Two-Year Low Indicating An Alarming Decline In Interest
- Bitcoin Price Spent Another Day Comfortably Perched Above $19,000 And Well Within The Narrow Range It Has Held For More Than A Month