{"id":1242008,"date":"2023-06-22T09:35:00","date_gmt":"2023-06-22T08:35:00","guid":{"rendered":"https:\/\/www.businesstelegraph.co.uk\/bitcoin-price-skyrockets-by-over-20-crossing-30000-mark-what-cryptonews\/"},"modified":"2023-06-22T09:35:00","modified_gmt":"2023-06-22T08:35:00","slug":"bitcoin-price-skyrockets-by-over-20-crossing-30000-mark-what-cryptonews","status":"publish","type":"post","link":"https:\/\/www.businesstelegraph.co.uk\/bitcoin-price-skyrockets-by-over-20-crossing-30000-mark-what-cryptonews\/","title":{"rendered":"Bitcoin Price Skyrockets by Over 20%, Crossing $30,000 Mark: What &#8230; &#8211; Cryptonews"},"content":{"rendered":"<p> <script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- newscabal uk text -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:inline-block;width:728px;height:90px\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"3688094655\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<figure class=\"image\"><img decoding=\"async\" src=\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/06\/Bitcoin-Price-Skyrockets-by-Over-20-Crossing-30000-Mark-What.jpg\" alt=\"\"  width=\"1281\" class=\"content-img\"\/><\/figure>\n<p>The price of Bitcoin has witnessed an astonishing surge, soaring by over 20% in the last seven days and breaking through the significant milestone of $30,000.\u00a0<\/p>\n<p>This remarkable rally has attracted widespread attention, with investors and analysts eagerly anticipating what lies ahead for BTC.\u00a0<\/p>\n<p>Adding to the excitement, Federal Reserve Chair <a href=\"https:\/\/www.cnn.com\/2023\/06\/21\/economy\/powell-testimony-house-committee\/index.html\" target=\"_blank\" rel=\"noopener\">Jerome Powell&#8217;s recent remarks<\/a> about potential interest rate increases and inflation concerns have added fuel to the discussion.\u00a0<\/p>\n<p>Additionally, the entrance of Valkyrie, a prominent financial firm, into the Bitcoin spot ETF market has brought more attention to the cryptocurrency&#8217;s future prospects.\u00a0<\/p>\n<p>As Bitcoin continues its upward trajectory, the market eagerly awaits insights into its future direction and the implications of these recent developments.<\/p>\n<h2><strong>Fed Chair Powell Sheds Light on Rate Increases and Inflation Outlook<\/strong><\/h2>\n<p>In his prepared statements before the House Financial Services Committee on Wednesday, Federal Reserve <a href=\"https:\/\/www.wionews.com\/business-economy\/us-fed-chief-jerome-powell-hints-at-future-rate-hikes-607204\" target=\"_blank\" rel=\"noopener\">Chairman Jerome Powell hinted<\/a> at the possibility of further interest rate increases this year.<\/p>\n<p>After implementing ten consecutive rate hikes, the<a href=\"https:\/\/www.cnbc.com\/2023\/06\/14\/fed-rate-decision-june-2023.html\" target=\"_blank\" rel=\"noopener\"> Federal Open Market Committee (FOMC) agreed to halt<\/a> further increases this week.<\/p>\n<figure class=\"media\"><oembed data-embedo-height=\"400\" data-embedo-url=\"https:\/\/twitter.com\/Investingcom\/status\/1671732250910552065\" loading=\"lazy\"\/><\/figure>\n<p>Powell emphasized that while raising rates may still be justified, it would likely occur more gradually, considering the progress made thus far.<\/p>\n<p>He acknowledged that tighter lending conditions could impact economic activity, hiring, and inflation, but the extent of these effects remains uncertain.<\/p>\n<p>Powell noted that inflation has somewhat moderated since the middle of last year.\u00a0<\/p>\n<p>However, he highlighted the persistent inflationary pressure and emphasized that bringing inflation back down to the target level of 2% will take time.<\/p>\n<figure class=\"media\"><oembed data-embedo-height=\"400\" data-embedo-url=\"https:\/\/twitter.com\/Investingcom\/status\/1671732250910552065\" loading=\"lazy\"\/><\/figure>\n<p>Furthermore, Powell dismissed the notion of a near-term rate cut, stating that such a move would only be appropriate if inflation significantly decreases, which he believes is unlikely to occur within the next couple of years.<\/p>\n<p>Powell&#8217;s acknowledgment of the persistent inflationary pressure may further fuel the appeal of Bitcoin as a store of value, enabling it to surpass the critical resistance level of $30,000.<\/p>\n<h2><strong>Valkyrie Joins the Bitcoin Spot ETF Bandwagon<\/strong><\/h2>\n<p>Valkyrie, a prominent cryptocurrency fund manager, has joined the race for a Bitcoin spot exchange-traded fund (ETF) amid the surge in institutional interest.\u00a0<\/p>\n<p>Following its competitors&#8217; footsteps, Valkyrie filed an S-1 registration form with the United States Securities and Exchange Commission (SEC) on June 21.<\/p>\n<p>With plans for a listing on the Nasdaq under the symbol BRRR, this move has sparked significant market excitement, driving the value of BTC\/USD higher.<\/p>\n<p>Valkyrie, which has already made its mark in the BTC futures ETF market with the <a href=\"https:\/\/cryptonews.com\/news\/valkyrie-goes-for-leveraged-bitcoin-futures-etf-dubbed-bufd-regulatory-filing.htm\">Valkyrie Bitcoin Strategy ETF (BTF) <\/a>and the now-liquidated Valkyrie Balance Sheet Opportunities (VBB), also manages the Valkyrie Bitcoin Miners ETF (WGMI).<\/p>\n<p>Valkyrie is committed to capitalizing on the growing demand for institutional-grade Bitcoin investment products by venturing into the Bitcoin spot ETF space.<\/p>\n<figure class=\"media\"><oembed data-embedo-height=\"400\" data-embedo-url=\"https:\/\/twitter.com\/bitcoingem2\/status\/1671727101303750656\" loading=\"lazy\"\/><\/figure>\n<p>According to Tyler Winklevoss, co-founder of cryptocurrency exchange Gemini, the renewed hope for a licensed Bitcoin spot ETF is fueling what experts call &#8220;The Great Accumulation Race&#8221; for the digital currency.\u00a0<\/p>\n<p>The recent applications for <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-06-20\/wisdomtree-files-for-us-spot-bitcoin-etf-on-heels-of-application-by-blackrock\" target=\"_blank\" rel=\"noopener\">Bitcoin spot ETFs by BlackRock<\/a>, Fidelity, Invesco, Wisdom Tree, and now Valkyrie are believed to have contributed to Bitcoin&#8217;s 19% price increase since June 16, pushing it to $30,240.<\/p>\n<figure class=\"media\"><oembed data-embedo-height=\"400\" data-embedo-url=\"https:\/\/twitter.com\/TheCryptoLark\/status\/1671607581746384897\" loading=\"lazy\"\/><\/figure>\n<p>Winklevoss declared on June 21 that &#8220;The Great Accumulation&#8221; of Bitcoin among institutions and retail investors has begun.\u00a0<\/p>\n<p>Some suggest that the window to front-run institutional demand is closing as registrations for spot Bitcoin ETFs help drive up the price of Bitcoin.<\/p>\n<p>Winklevoss compared purchasing Bitcoin before the ETFs become public to buying a stock before an IPO and warned that the &#8220;floodgates&#8221; for acquiring Bitcoin are closing fast.<\/p>\n<figure class=\"media\"><oembed data-embedo-height=\"400\" data-embedo-url=\"https:\/\/twitter.com\/cameron\/status\/1671525634131066881\" loading=\"lazy\"\/><\/figure>\n<p>As the excitement around Bitcoin ETFs grows, the Crypto Fear and Greed index has risen from 49 (Neutral) to 65 (Greed) in just two days.\u00a0<\/p>\n<p>Meanwhile, Bitcoin is currently trading at $30,240.<\/p>\n<figure class=\"media\"><oembed data-embedo-height=\"400\" data-embedo-url=\"https:\/\/twitter.com\/SimataPro\/status\/1671726386313043969\" loading=\"lazy\"\/><\/figure>\n<p>In a tweet on June 21, Anthony Pompliano highlighted that Bitcoin rose from $0 to over a $1 trillion market valuation with minimal institutional engagement.\u00a0<\/p>\n<p>He expects that when Wall Street and <a href=\"https:\/\/cryptonews.com\/news\/confirmed-10-trillion-asset-manager-blackrock-takes-leap-into-crypto-files-for-spot-bitcoin-etf-with-sec.htm\">BlackRock enter the market<\/a>, Bitcoin will become highly illiquid as holders may be reluctant to sell to institutional buyers.<\/p>\n<figure class=\"media\"><oembed data-embedo-height=\"400\" data-embedo-url=\"https:\/\/twitter.com\/APompliano\/status\/1671562331338293250\" loading=\"lazy\"\/><\/figure>\n<p>The <a href=\"https:\/\/cryptonews.com\/news\/bitcoin-etf-race-intensifies-as-wisdomtree-invesco-both-file-submissions-within-24-hours-joining-blackrock.htm\">Bitcoin ETF<\/a> hype has positively impacted the largest cryptocurrency by market cap, with BTC surpassing the $30,000 mark.<\/p>\n<h2><strong>Bitcoin Price Prediction\u00a0<\/strong><\/h2>\n<p><a href=\"https:\/\/cryptonews.com\/coins\/bitcoin\/\">Bitcoin<\/a> is experiencing a surge in trading, reaching $30,435 and recording an over 5% increase on Thursday.\u00a0<\/p>\n<p>The rise in Bitcoin&#8217;s price to $31,000 can be attributed to the submission of a few BTC spot ETF applications.<\/p>\n<p>The BTC\/USD pair is exhibiting a notable bullish trend following a successful breakthrough of the $30,000 resistance level. The next target is $31,000, indicating a positive outlook for Bitcoin&#8217;s price movement.<\/p>\n<figure class=\"image\"><img decoding=\"async\" alt=\"\"  width=\"1463\" class=\"content-img lazyload\" src=\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/06\/1687424717_105_Bitcoin-Price-Skyrockets-by-Over-20-Crossing-30000-Mark-What.jpg\" \/><figcaption><strong>Bitcoin Price Chart &#8211; Source: Tradingview<\/strong><\/figcaption><\/figure>\n<p>A minor correction towards the $28,900 level cannot be ruled out; maintaining a position above this crucial level would create favorable conditions for further upward momentum.<\/p>\n<p>If Bitcoin sustains its position above the $30,000 mark, it will pave the way for a potential surge toward the next resistance level at $31,000.<\/p>\n<h2><strong>Top 15 Cryptocurrencies to Watch in 2023<\/strong><\/h2>\n<p>Stay informed about the latest initial coin offering (ICO) projects and alternative cryptocurrencies by regularly exploring our carefully selected collection of the top 15 digital assets to watch in 2023.<\/p>\n<p>This thoughtfully curated list has been compiled by industry experts from Industry Talk and <i>Cryptonews<\/i>, ensuring that you receive professional recommendations and valuable insights.<\/p>\n<p>Stay ahead of the game and discover the potential of these cryptocurrencies as you navigate the ever-changing world of digital assets.<\/p>\n<h2><strong>Find The Best Price to Buy\/Sell Cryptocurrency<\/strong><\/h2>\n<figure class=\"image\"><img decoding=\"async\" alt=\"\"  width=\"1308\" class=\"content-img lazyload\" src=\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/06\/1687424722_646_Bitcoin-Price-Skyrockets-by-Over-20-Crossing-30000-Mark-What.jpg\" \/><figcaption><strong>Cryptocurrency Price Tracker &#8211; Source: Cryptonews<\/strong><\/figcaption><\/figure>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block; text-align:center;\"\r\n     data-ad-layout=\"in-article\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"7859258044\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><a href=\"https:\/\/cryptonews.com\/news\/bitcoin-price-skyrockets-by-over-20-crossing-30000-mark-what-lies-ahead-for-btc.htm\">READ SOURCE<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of Bitcoin has witnessed an astonishing surge, soaring by over 20% in the last seven days and breaking through the significant milestone of $30,000.\u00a0 This remarkable rally has attracted widespread attention, with investors and analysts eagerly anticipating what lies ahead for BTC.\u00a0 Adding to the excitement, Federal Reserve Chair Jerome Powell&#8217;s recent remarks [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1242014,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_oct_exclude_from_cache":false,"footnotes":""},"categories":[9],"tags":[],"class_list":["post-1242008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ico-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Price Skyrockets by Over 20%, Crossing $30,000 Mark: What ... - Cryptonews - Business Telegraph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.com\/news\/bitcoin-price-skyrockets-by-over-20-crossing-30000-mark-what-lies-ahead-for-btc.htm\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Skyrockets by Over 20%, Crossing $30,000 Mark: What ... - Cryptonews - Business Telegraph\" \/>\n<meta property=\"og:description\" content=\"The price of Bitcoin has witnessed an astonishing surge, soaring by over 20% in the last seven days and breaking through the significant milestone of $30,000.\u00a0 This remarkable rally has attracted widespread attention, with investors and analysts eagerly anticipating what lies ahead for BTC.\u00a0 Adding to the excitement, Federal Reserve Chair Jerome Powell&#8217;s recent remarks [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptonews.com\/news\/bitcoin-price-skyrockets-by-over-20-crossing-30000-mark-what-lies-ahead-for-btc.htm\" \/>\n<meta property=\"og:site_name\" content=\"Business Telegraph\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-22T08:35:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/06\/Bitcoin-Price-Skyrockets-by-Over-20-Crossing-30000-Mark-What.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1281\" \/>\n\t<meta property=\"og:image:height\" content=\"716\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"businesstelegraph\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"businesstelegraph\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/cryptonews.com\/news\/bitcoin-price-skyrockets-by-over-20-crossing-30000-mark-what-lies-ahead-for-btc.htm#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/bitcoin-price-skyrockets-by-over-20-crossing-30000-mark-what-cryptonews\/\"},\"author\":{\"name\":\"businesstelegraph\",\"@id\":\"https:\/\/www.businesstelegraph.co.uk\/#\/schema\/person\/0a3a6a0f58402f1f2af94e02d0987b78\"},\"headline\":\"Bitcoin Price Skyrockets by Over 20%, Crossing $30,000 Mark: What &#8230; 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