Bitcoin Hits $82,000 Amid Market-Wide Rally: Why Is Crypto Up?
The cryptocurrency market is making another upward push with Bitcoin (BTC) briefly reclaiming the $82,000 mark. CoinGecko data shows that BTC’s price has risen by 4% in the last 24 hours and nearly 26% over the last month. BTC seems to be facing some resistance around $82,100. Let’s discuss why Bitcoin (BTC) is up today, and if it can continue its climb to $90,000. Source: CoinGecko Why Is Bitcoin Up Today? Source: Forbes Bitcoin and the larger crypto market has made multiple upward efforts over the last two weeks. Late August saw the first upswing right after President Trump’s White House cryptocurrency event and the US Treasury’s increased bond buy backs. The first development led to increased investor confidence, and the second led to higher liquidity. However, Bitcoin (BTC) and the larger crypto market faced a correction after Federal Reserve Chair Kevin Warsh gave a hawkish speech at the Jackson Hole meeting. Warsh warned of rising inflation, which led to ma...