Bitcoin is nearing its highest level, recording $ 61,000 in transactions


The cryptocurrency Bitcoin jumped about 4.5% on Saturday to reach $ 61,000.

The cryptocurrency recorded its highest price on March 13 at 61.7 thousand dollars, and it has risen by about 110% since the beginning of 2021 until now.

It seems that the US aid requests data that appeared confirmed the validity of the US Fed’s vision, which is in favor of pumping more easing and lowering interest rates.

These reasons lead to expectations of higher inflation rates.

US jobless claims revealed a rise to 744,000, while expectations were for a decline of 680,000, and the numbers came after a week of strong jobs data suggesting job creation at a faster pace.

In conjunction with this, the dollar index continued its decline after losing support from the high yield on US Treasury bonds for 10 years after dropping from a year high.

The results of the subsidy requests indicate that the Fed will continue its bond-buying programs, cutting interest rates near zero.

The Fed believes that there is an unequal recovery in the aspects of the US economy, a reason not to be overly optimistic about the speed of recovery.

(Source: cnbcarabia)


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