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Bitcoin hits 6-week high topping

Bitcoin hits 6-week high topping

Bitcoin is a digital currency that is decentralized and can be transferred on a peer-to-peer bitcoin network. Its transactions are verified through cryptography and recorded in a public distributed ledger blockchain. It is the world’s largest digital currency, and it was under huge pressure at the beginning of 2022 after the collapse of the algorithm stablecoin terraUSD.

Bitcoin reached its highest level in more than six weeks this Friday by reaching $24,412 in midday trading. This transformation came after the Federal Reserve hiked interest rates this Wednesday, which eventually ignited a bitcoin rally in the US equity.

The vice-president of Corporate Development and International at Crypto Exchange, Vijay Ayyar said that there was liquidity present at the edges of was market which is now coming in based on the last few months of downward pressure, which is now easing up.

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