The value of Bitcoin has risen by approximately 10% in a week, prompting speculation that a new bull market could be emerging. The cryptocurrency has risen by over 80% since the start of the year, with Ethereum also experiencing a surge in value after upgrading to a proof-of-stake network in Shanghai. These upticks have been linked to the increasing likelihood of the Federal Reserve taking a less aggressive stance and abandoning interest rate rises. There is also ongoing instability in the US banking sector, with some investors choosing Bitcoin as they believe it is outside the traditional banking system. Additionally, the Ethereum network is becoming more energy-efficient through its Shanghai upgrade, moving from a proof-of-work consensus mechanism to a proof-of-stake one. The global crypto market is also expected to finish the week on a bullish note due to inflation data being slightly better than expected by the market. At the time of writing, the market cap was $1.28tn, representing a 4% rise in 24 hours. However, prices have experienced a minor bearish correction, with immediate support at $30,225.
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