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#BTC spot ETF approved, bullrun next?#
How is Bitcoin Performing?
The year 2023 turned out to be a tumultuous year for the cryptocurrency, Bitcoin (BTC). In the first month of the year January, BTC was trading at the low level of $16,000, it touched its peak in July 2023 at $31,000 and pushed the market capitalization around 607 billion, since the year started, but it is doing way better as of Dec. 20, 2023, at around $42,936 with a market capitalization of $838.58 billion.
Stubborn inflation and unsettling macroeconomic conditions in countries like the U.S. and the UK led BTC to fall below the level of $26,000. With current interest rates at 5.5% post hikes by the U.S. Federal Reserve and the Fed Chairman Jerome Powell stating that the inflation fight will continue until rates fall to 2%, Bitcoin may continue to be under pressure as more details on inflation emerge. #ContentStar#