Bitcoin (BTC) Price Reaches $25,000 Limit, What Is The Source Of The Rise?

bitcoin And cryptocurrency An exciting series of rising prices has begun.

BTC price is up more than 16% in the last 24 hours and is trading at $24,200 at the time of this writing. The BTC price thus reached its highest level since February 21.

Falling Expectations of Interest Rate Increases After Biden’s Statements Reflected Positively on Bitcoin Price

The recent rise in BTC price is thought to be due to the lowered Fed’s interest rate hike expectations after the recent increased stress on the US banking system.

Goldman Sachs said it no longer expects the FE to raise rates at its March 22 meeting. The CME, on the other hand, currently shows the probability that the FOMC will raise rates by 25 basis points on March 22 at 79% and the probability of not increasing rates at 21%.

However, US President Biden’s statements today were effective in the rise. Biden spoke about the crisis in the USA, which led to the bankruptcy of some banks. Biden said that “US taxpayers will not pay any damages and the funds will be collected through insurance fund fees” and “we will not stop here; We will continue as necessary,” he said.

President Joe Biden reassured Americans on Monday that the US banking system and depositors are ‘safe’ after two major banks collapsed in less than a week.

Speaking at a press conference at the White House, Biden said: “Americans can believe that the banking system is safe. “Your deposits will be there when you need them,” he said.

In addition, Biden stated that some regulations that were removed during the Trump era will be brought back:

“Unfortunately the last administration (Donald Trump) rolled back some of these requirements. I will ask Congress and banking regulators to strengthen rules for banks to reduce the likelihood of such bank failures recurring.”

*Not investment advice.