The price of the cryptocurrency bitcoin rose to almost $ 23,000 on Saturday, the highest level since August. Last weekend, the value of the coin also rose. It then rose above $ 21,000 for the first time in more than two months.
There is optimism among crypto traders. There is a prevailing feeling that the currency has reached the bottom of its downturn. Cryptocurrency ether also rose in value on Saturday, by 2.4 percent to the highest level since September.
The fact that inflation seems to have passed its peak also creates optimism in the crypto world. If interest rates rise less rapidly, more money will remain available on the financial markets. When interest rates are high, a lot of money disappears into bank accounts. Loans for companies are also more expensive, which depresses investments in all kinds of things, including cryptocurrencies.
Many crypto companies have suffered from the industry turmoil following the collapse of FTX, one of the largest platforms for storing and trading cryptocurrencies such as bitcoin and ethereum. FTX founder Sam Bankman-Fried is under criminal investigation by US prosecutors for possible billion-dollar fraud.