The price of Bitcoin rose above $22,000 on June 12, 2023, its highest level in over two weeks. The move higher came as investors cheered a report that showed that U.S. consumer prices rose less than expected in May.
The price of Bitcoin has been on a downward trend since November 2021, when it reached an all-time high of $68,789. However, the cryptocurrency has shown some signs of life in recent weeks, and some analysts believe that it could be bottoming out.
The rise in the price of Bitcoin on June 12 was also helped by news that Tesla CEO Elon Musk said that the company would resume accepting Bitcoin payments for its products. Musk had previously said that Tesla would stop accepting Bitcoin payments due to environmental concerns about the cryptocurrency’s mining process.
Only time will tell if the rise in the price of Bitcoin on June 12 is a sign of a longer-term trend or just a temporary bounce. However, the move higher is a positive sign for the cryptocurrency and could encourage more investors to buy into the market.