Bitcoin Is on the Rise As Bulls Return

The value of the most widely used cryptocurrency, Bitcoin, has been steadily increasing over the past several days. According to data firm CoinGecko, the price of Bitcoin was around $20,749.71 and has risen by 22% in the past week. On January 13, the price even exceeded the $21,000 mark, which it had not surpassed since November 5. This upward trend is being attributed to recent data on inflation suggesting that the Federal Reserve may not raise interest rates as aggressively, potentially avoiding a recession and making investments in risky assets, such as cryptocurrencies, more appealing. Despite the recent bankruptcy of the FTX cryptocurrency exchange, investors are choosing to focus on the positive developments.