Bitcoin Price Surpasses 1,370,000 Baht at Bitkub Exchange, Countdown 144 Days to Bitcoin Halving

The price of Bitcoin (BTC) rose approximately 2% on December 3, 2023, exceeding 1,370,000 baht, reaching a high of 1,378,999 baht on the Bitkub Exchange after there was speculation that the US Federal Reserve would raise interest rates ( FED) may end in 2024.

On the side of other digital currencies, such as Ethereum (ETH), their value rose approximately 3.11% to a high of 75,788 baht or Cardano (ADA) which rose 2.44% to a high of 14.00 baht.

Since 2021, the FED has raised interest rates 11 times in a row, bringing interest rates to 5.25% – 5.5%, considered the highest level in 22 years. High interest rates often result in investors Invest and avoid investing in risky assets. As a result, the price of Bitcoin will be stagnant for most of 2023.

But at the last FED meeting, The FOMC decided to hold interest rates steady for the second time in a row, signaling that the Fed may be beginning to control inflation. As a result, the price of Bitcoin gradually increased after the meeting results were known.

For the next FED meeting which will occur in mid-December. Most analysts expect the committee to hold interest rates again to keep an eye on the economic situation, while FED Chairman Jerome Powell said: “It is too early for us to judge whether interest rates are at an appropriate level. Or start predicting when we will begin to relax the policy?”

Even though the FED Chairman’s words were said in a cautious manner, But the market seems to see this as a good opportunity for riskier assets. As a result, the market has a better view of risky assets like BTC.

Another factor that has a positive effect on the price of Bitcoin is probably the Bitcoin Halving that is starting to get closer and closer, which is an important event that often causes the crypto market to return to a long-term uptrend. It is expected that the next Bitcoin Halving The next Bitcoin mining reward will be cut in half from 6.25 BTC to 3.125 BTC, resulting in an even smaller supply of Bitcoin. Investors then began buying bitcoins to accumulate in anticipation of the Bitcoin Halving.

Reference: Bitkub Blog