Bitcoin price rises to $58k to cross the resistance and make a recent month’s high. The bond market crash of China is also expanding as S&P Global Ratings continuously downgrading Greenland Holdings.
Bitcoin price rises to $58k:
The Crypto market is bullish and trying to outdo the prices of digital assets seen in the May bullish trend. Currently, Bitcoin price rises to cross the resistance at $58k and then the target will be to make a new all-time. Ethereum is following Bitcoin and is trading at $3700. Bitcoin price rises to $58k but the reason behind it is known. So, we try to find an answer through a deep dive into the market.
Some people are arguing that eight years and 1 trillion dollars delayed Bitcoin ETF are the reason behind this price surge but the Bitcoin price rose before any of the suggestions about approval of Bitcoin ETF. The rising prices of oil are also presented as a reason for the current bull run of BTC. The main holding argument is the crisis of the Bond market in China. The crash of the Bond market is increasing because of S&P Global Ratings downgrading Greenland Holdings.
Greenland holding is one of the biggest property developers in China who has built some of the tallest buildings. With yearly revenue of $22 billion and total assets of $114 billion, Greenland came into the spotlight after Evergrande. Such an event could also contribute to large-scale losses by investors in wealth management products, and the contractors and service firms that support the developers.”
Bonds issued by developers including Shanghai Shimao, China Aoyuan Group, and Country Garden Properties fell between 1.6% and 7.4% in a continued market route is not clear that how much this bond crash is affecting Bitcoin as the data from China is sparse. Whatever the reason is Bitcoin price rises to $58k.
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