The rate of the main cryptocurrency began to grow again

2 min readMay 6, 2024

According to Coinmarketcap, the first digital coin is showing growth after a serious decline last week. The price of Bitcoin rose above $64,000 after falling to $56,600, which was the lowest since the end of February this year.

Experts believe that the growth of BTC quotes was influenced by several reasons. The key one is the actions of the American Federal Reserve.

The recovery in the price of the main crypto asset was helped by a decrease in outflows from BTC-ETF, as well as new information about the labor market in the United States, which could be useful in a rapid transition to easing monetary policy, said Nikita Vassev, founder of TerraCrypto.

In addition, the dynamics of the Bitcoin exchange rate are influenced by the demand for the digital asset as part of the “uncontrolled purchase of weapons for subsequent use in local military clashes,” says independent financial analyst Andrei Barkhota.

“For investors, Bitcoin remains a speculative asset with high fluctuation amplitudes,” the expert noted.

At the same time, risks associated with regulation remain in the cryptocurrency market. The SEC “has a lot of questions for the crypto industry,” says Nikita Vassev. According to him, pressure from the US Securities and Exchange Commission on various crypto projects could hinder market growth.

“In addition, the SEC talked about plans to adapt the complex of EU regulatory measures. Its strictness may introduce adjustments to the circulation patterns of cryptocurrencies, which will lead to a long-term restructuring of the industry. The period of change may be accompanied by pressure on Bitcoin,” said the crypto enthusiast.

Analysts consider the most realistic price range for BTC to be $55,000–72,000. According to Nikita Vassev, “in the absence of regulatory pressure and subject to the resumption of the influx of funds into spot ETFs,” the main cryptocurrency could reach $100,000 by the end of the year.

“The more risks of the global economy and geopolitical escalation are realized, the higher the exchange rate will rise,” noted Andrei Barkhota.

And BitMEX co-founder Arthur Hayes wrote in his new forecast that “until the end of August, the price of Bitcoin will not rise above $700,000.”

“Traders calling for the end to Bitcoin’s bull run may be dismayed to learn that the actual bull market hasn’t even started yet. I believe that the coming weeks and months are the last opportunity to buy BTC cheap,” Hayes concluded.