Summary
- Bitcoin breaking its all-time high is attributed to macro factors such as easing geopolitical tensions and improved regulatory environment.
- Ceasefire negotiations between Russia and Ukraine, and progress in the U.S. stablecoin legislation positively contributed to Bitcoin breaking its previous high.
- If Bitcoin maintains its price level, there is potential for further upward movement, but market volatility and macroeconomic news could act as risk factors.
Bitcoin (BTC) breaking its all-time high is analyzed as a result of a perfect alignment of macro conditions, such as easing geopolitical tensions and improved regulatory environment.
According to The Block, a cryptocurrency-focused media outlet, on the 21st (local time), Jag Kooner, Head of Derivatives at Bitfinex, stated, "Various macro factors, including ceasefire negotiations between Russia and Ukraine, progress in the U.S. stablecoin legislation, and tariff suspension measures, have positively contributed to creating an almost perfect environment for Bitcoin to break its previous high."
He further added, "If Bitcoin can maintain its current price level stably, there is potential for further significant upward movement according to technical indicators. However, the market's volatility remains high, and even a single piece of macroeconomic news could act as a risk factor that reverses the price trend."
Meanwhile, BTC is trading at $109,678, up 4% from the previous day, on the Binance Tether (USDT) market as of 01:39 on the 22nd.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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