The year 2022 was a very dramatic one for the cryptocurrency market, as the industry lost $2 trillion in value after the markets crashed as a result of rising interest rates and a number of unexpected cryptocurrency exchange failures.
Despite the king of cryptocurrencies, Bitcoin, making a spectacular comeback to start the year, renowned investor Ray Dalio claimed that bitcoin is still neither a reliable store of value or a medium of exchange.
In an earlier statement, Dalio claimed that Bitcoin was "not very good as a store-hold of wealth because its volatility is great and has little correlation with the prices of what I need to buy."
Rise of Bitcoin to $30k
BTC started off slowly, trading at approximately $28,000, but on Monday, the bulls gained traction and drove the price up to $29,000. A successful effort to breach the $30,000 resistance level came next, leading to a sharp rise in the price of Bitcoin.
The release of the US Consumer Price Index (CPI) had a substantial effect on the price of Bitcoin. The consequence was that Bitcoin increased to $30,500, which was its highest price since June 2022.
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