Bitcoin passes $25,000 threshold for first time since Summer 2022

Bitcoin has crossed the $25,000 mark for the first time in more than five months. The last time the exchange rate of the largest cryptocurrency in the world was above the aforesaid threshold was in August 2022. In the last day, the price of Bitcoin increased by almost 10%, reports Bloomberg.

Bitcoin reached its all-time high of $25,243—according to CoinDesk—around 6pm Armenia time Thursday, after which it fell slightly to $24,950. Meanwhile, the first cryptocurrency was trading around $22,800 last night. And at the beginning of 2023, the price of Bitcoin increased by almost 50%, on January 1, the exchange rate of the cryptocurrency was $16,600.

Other cryptocurrencies are also on the rise. Ethereum was worth $1741 today, and Binance Coin rose to $327, despite high pressure on the cryptocurrency exchange.

At the beginning of the week, the prices of many cryptocurrencies began to fall due to new restrictive measures by the US authorities. The decision of the New York regulator, which recently banned the issuance of Binance USD, the third largest stablecoin in the world, also had an impact.

However, yesterday and today, cryptocurrencies began to recover as global markets rose amid growing confidence that interest rate hikes by the US Federal Reserve will be able to curb inflation and prevent a recession in the US.

Recently, one of the oldest crypto exchanges, LocalBitcoins, closed down after ten years of activity. The company explained that it can no longer provide its Bitcoin trading service due to challenges in the cryptocurrency markets.

And the Binance cryptocurrency exchange has stopped transfers in US dollars since February 8. The reason for this decision has not been disclosed, nor is it known when the dollar transfers will resume.