Home Bitcoin Bitcoin Pushes past $13K as Fed Mentions High Recession Risks

Bitcoin Pushes past $13K as Fed Mentions High Recession Risks

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On Wednesday, July 10, Bitcoin was able to get back above the $13,000 mark for the first time in several weeks. The move higher came as worries intensified over the threat of an economic recession in the United States.

A Cointelegraph report indicated that the Bitcoin/USD pairing went as high as $13,130 by Wednesday morning trading. That was a gain of about $1,000 over the course of a day. Analysts previously suggested that traders might see a Bitcoin correction once the price fell to around $11,450. However, a strong move began taking shape on Tuesday evening as the price ultimately went near $13k.

With the rise of BTC past that $13k level, the market share of the crypto market cap that Bitcoin held was up to 65.1 percent. Cointelegraph mentions this is a number that hasn’t been seen since April 2017. Bitcoin also reached an all-time high of $20,000 back in December of that year.

The BTC/USD price over $13,000 was short-lived, as it would ultimately drop down to just over $12,300 by Wednesday afternoon. Cointelegraph was showing a drop of 1.83 percent as of 12 noon Eastern Time. Still, at the time of Cointelegraph’s report, they were indicating that many investors have seen Bitcoin grow by 68 percent over the past month.

Ahead of Bitcoin rising back above $13k, there was a new chart released via Bloomberg journalist Tracy Alloway. In her tweet, she mentions that the New York Fed’s recession indicator has reached its highest level since 2008. Some people speculate that this sort of fear could cause stock market investors to flee traditional investments in favor of other options including Bitcoin and cryptocurrency.

As of this report, Bitcoin/USD was trading at a price of $12,254.87 or down 1.76 percent at the Coinbase exchange. Fellow cryptocurrencies Ethereum and Litecoin were lower by much more. ETH/USD was at $286.73 or down 6.65 percent, while LTC/USD was down nearly nine percent to $109.43.

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