- The last time Bitcoin reached the 30K mark was in April 2023.
- BTC has surged more than 10% in the last 24 hours.
Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has reached the $30K mark for the second time this year. The last time Bitcoin reached the 30K mark was in April 2023, according to CoinMarketCap.
On May 21, Bitcoin experienced a significant surge that helped it reach the $30,000 trading price milestone. The sudden surge in Bitcoin boosts investors’ confidence and the whole crypto market.
Bitcoin’s Performance in 2023
Bitcoin has witnessed a lot of ups and downs in 2023. BTC has started the year with a trading price around the $20K mark and clearly shows bullish intent. In April, Bitcoin reached a new high in trading price. BTC has crossed the psychological mark of $30k for the first time since June 2022. Moreover, with this significant milestone, Bitcoin became the top-performing asset in the crypto market in Q1 of 2023.
The performance of BTC has gained remarkable attention in the crypto market. Investors have started expecting the bullish trend of Bitcoin to continue and reach its next high. However, after crossing the $30K mark, BTC suddenly falls below the $28K mark within a few days. A lot of factors continue to affect the crypto market, which has started reflecting on the Bitcoin trading price.
The continuous lawsuit against the crypto firms by the U.S. Securities and Exchange Commission had a great impact on the crypto market. Following that, Bitcoin fell for consecutive days from its peak of $30k. Moreover, the Fed’s interest rate hike is also expected to be one of the factors that affect the BTC trading price.
After that, the trading price of Bitcoin continued to decline and traded at around the 25K mark. The whole crypto market has witnessed a downward trend after the SEC filing against the leading crypto exchanges, Binance and Coinbase.
Peter Schiff, the founder of Schiff Gold, has expressed his view on BTC reaching the $28K mark yesterday. Peter Schiff stated that this price surge hasn’t been achieved due to any type of brokerage platform.
Several Factors Contributed to the BTC Surge
However, the SEC’s effect on BTC didn’t last for long. As the world’s largest cryptocurrency, BTC has broken $30,000 for the second time this year. The cryptocurrency has surged more than 10% over the last 24 hours.
The BTC’s surge comes as several incidents take place, including BlackRock’s filing for spot Bitcoin ETF applications. On Tuesday, the EDX cryptocurrency exchange announced that it will provide four tokens in the United States, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Following the announcement, Bitcoin Cash (BHC) has also increased, rising 25% on the day.
Moreover, the German-based Deutsche Bank announced that it has applied for a digital asset custody license in Germany. The news boosts the crypto market as the leading financial provider in Germany is interested in crypto adoption.
At the time of writing, the trading price of Bitcoin is around $30,073, with an increase of 7.74% in the last 24 hours. The trading volume of BTC has witnessed a massive surge of 70.92%, according to CoinMarketCap. Moreover, the bullish momentum is expected to take BTC to greater heights in the upcoming days.