Cryptocurrency Rises Strongly
The cryptocurrency market is no longer silent. Bitcoin surged to $104,000, returning to its highest level since February. Ethereum surprised with a 20% increase in just one day, while XRP rose by 7%. What is driving this price surge?
Federal Reserve Maintains Interest Rates
Bitcoin began to grow when the Fed decided to maintain interest rates in the range of 4.25% to 4.50% on May 7, due to concerns about slow growth and high inflation. Jerome Powell also warned that tariffs could negatively impact the economy. Therefore, many investors turned to cryptocurrency as a safe haven.
Global Trade Agreement Eased
The U.S. and the U.K. announced a significant trade agreement, cutting tariffs and improving market access. Talks between the U.S. and China could also lead to further tariff reductions, boosting confidence in the cryptocurrency market.
Bitcoin Leads the Growth Surge
The growth of Bitcoin comes not only from news but also from strong support from states like Missouri, Arizona, and Oregon with favorable cryptocurrency laws. Bitcoin ETF attracted strong capital inflow of $117 million, with BlackRock leading at $69 million.
Ethereum Excels with Pectra
Ethereum impresses with the Pectra upgrade, improving wallet access and increasing staking limits, pushing the price above $2,220. Despite the strong increase, Ethereum's price remains 55% lower than its peak of $4,721.
XRP Develops Faster
XRP, the 4th largest cryptocurrency, rose nearly 7%, trading around $2.29. News about the possibility of reaching an agreement with the SEC and new contracts with Hidden Road and Wellgistics Health helped drive XRP's price.
The cryptocurrency market is bustling with many strong stimulants, promising exceptional growth potential in the near future.
Source: https://tintucbitcoin.com/gia-bitcoin-ethereum-xrp-tang-nguyen-nhan-bat-ngo/
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