Bitcoin Soars Back Testing $17k Level! These 2 Factors Raise Market Hopes


 During these 24 hours, the crypto market has shown significant volatility. Bitcoin (BTC) initially fell below $16K before surging back towards $17K later, followed by other cryptocurrencies.

2 factors that have influenced the price push today are the statements from CZ and Elon Musk.

The price of Bitcoin went through a bit of a rollercoaster over the past 24 hours. The situation was looking pretty bleak until a few hours ago, as the cryptocurrency headed down, trading below the $16K level.

On Binance, BTC hit an intraday low of around $15,800. This happened before the statement issued by CZ and Elon Musk. The CEO of Binance revealed that his company will lead an "industry recovery fund" aimed at helping projects that are strong but are experiencing a liquidity crisis. However, he did not provide details on the criteria that meet their standards.

Binance's CEO, Changpeng Zhao, revealed that his company will form an industry recovery group in an effort to mitigate the negative impact associated with the FTX crash. CZ also welcomes other industry participants who wish to co-invest.

This had a very positive effect on the entire market, as the price of Bitcoin surged to almost $17,000.

At the same time, Elon Musk said that Bitcoin will continue to remain relevant. His views were revealed after being asked about where BTC will be in a year from now.

Most of the leading altcoins followed suit, posting daily gains ranging between 1% and 5%. ETH increased by about 2.7%, BNB – by 1.6%, and so on. Solana jumped by 7.7% in the last 24 hours and MATIC also rose around 4.4%.