Mike Novogratz of Galaxy Digital is a supporter of bitcoin. In recent months, the cryptocurrency market has closely followed the stock market, becoming more intertwined with elements impacting the status of the global economy.

According to commentators, the ruling might ultimately contribute to more market stability by requiring government officials to collaborate on a strategy to regulate cryptocurrencies.Īs many investors are gloomy about the economy owing to rising inflation, a volatile stock market, and rising interest rates, Wall Street momentarily de-risked the market, causing the current crypto market decline.

The most recent rise follows President Joe Biden's new executive order on cryptocurrencies and the Federal Reserve's announcement earlier this month that it would raise interest rates for the first time in three years.

It had surpassed $45,000 for the first time last week. After briefly falling below a recent increase, the PRICE OF BITCOIN continues to fluctuate around $42,500.

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