The bitcoin price jumped up to $48,027.84 on Monday after a late-night rally on Sunday where the coin passed a critical level of $45,000.
Since Friday, the currency has been showing bullish movement, gaining nearly 16% throughout the past week. Bitcoin has declined since it hit the all-time high of $67,500 last November. After spending the beginning of 2022 down, Bitcoin is showing positive movement.
There has been increased interest in Bitcoin in recent weeks for a few reasons. Goldman Sachs’ plays a role due to their decision to trade the currency over-the-counter with Galaxy Digital. Cowen also launched a Digital Asset Department planning to allow clients to trade Bitcoin. Plus, the inflation due to the war in Ukraine has increased the demand for the currency.
“Throughout the last six months, crypto has shown its resilience and relevancy, even as strong macroeconomic headwinds have disrupted traditional markets by remaining within range. Now, crypto is center stage with its biggest opportunity to shine,” said Chris Kline, chief operating officer and co-founder of Bitcoin IRA.
“Crypto is not trading in a vacuum,” he added. “Geopolitical uncertainty, inflation, and a serious potential for a recession are giving both retail and institutional investors a reason to build a defensive strategy. Crypto is playing an integral role in that plan.”
There is no one specific reason why Bitcoin is moving up so drastically, but there have been several developments in the past week, turning the market bullish.