In the first days of January, the company’s Market Analyst “eToro”, Josh Gilbert, shared his opinion with Cointelegraph en Español about the behavior of Bitcoin at the beginning of the year 2023.
The cryptoactive has registered 9 positive sessions out of 10 since the beginning of the year and exceeds $17,000 for the first time in a monthall this after the positive employment data from the United States a few days ago: “They indicate that there is still a chance that the North American country can avoid a recession and achieve a soft landing.”, explains Gilbert, who also underlined: “Inflation is the key driver of the Bitcoin market, and a further decline in the US CPI in the coming days could be the catalyst for another leg higher this week, setting the tone for the market in 2023.”.
“2022 was a difficult year for Bitcoin as large-scale problems like FTX discouraged crypto investors, sending the asset plunging 65% last year. However, Bitcoin is proving to be down, but not out of the game, with 9 out of 10 positive sessions this beginning of the year and surpassing $17,000 for the first time in a month.Gilbert stated.
Gilbert states that:A continued drop in inflation primes the Federal Reserve to start cutting interest rates in late 2023, setting the stage for investors to once again take more risk into their portfolios”.
“Investors should remember that crypto assets did not commit any crime in 2022. In any case, breakthroughs were made with lightning network and ethereum mergerwhich set a new standard for consumer usability, increased security, platform scalability, and a greater environmental focus”, remarked Gilbert, who highlighted: “Adding to these advances, active Bitcoin addresses now sit at over 940,000, a 50% increase since the 2018 bear market.”.
The Market Analyst concluded: “However, with the negative impact of bad actors within the crypto industry in the last year, regulation is very likely to be a key discussion topic throughout 2023. We hope these conversations will help facilitate greater use of a technology that can not only deliver real benefits to the financial services industry, but also facilitate greater financial inclusion globally.”.
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