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Bitcoin, ethereum and other top ten cryptocurrencies have been jolted to life this month as Elon Musk sent a stark warning to U.S. president Joe Biden.
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The bitcoin price has been catapulted toward $30,000 per bitcoin, up around 70% so far this year, amid a banking crisis that's thrust cryptocurrencies -- including ethereum, BNB, XRP, cardano, dogecoin, polygon and solana -- back into the spotlight.
Bitcoin's huge 2023 price surge, adding around $200 billion to the combined crypto market, has triggered a wave of bullish price predictions -- from $100,000 to a staggering $1 million bet.
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"I think bitcoin probably breaks all-time highs this year," Marshall Beard, chief strategy officer at U.S.-based crypto exchange Gemini, told CNBC, adding $100,000 per bitcoin could be a possibility.
The bitcoin and crypto market was set alight this week by a $1 million bitcoin price prediction and bet made by renowned technologist and Balaji Srinivasan, a former chief technology officer at Coinbase.
Srinivasan warned the banking crisis that has caused the collapse of three U.S. banks and now spread to Europe could spark hyperinflation in the U.S. -- and advised people to "buy bitcoin now and get your coins off exchanges."
Inflation rocketed to a 40-year high last year, though many economists predict it will fall sharply through 2023. Slowing inflation expectations has led some to predict a Federal Reserve u-turn in an attempt to spur a return to economic growth.
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"Growth in risk appetite has surged despite volatility following current events in the traditional banking sector and the washout in 2022," Stephan Lutz, acting chief executive and group chief financial officer at crypto derivatives exchange BitMex, said alongside a report that outlined how falling inflation will cause the Fed to flip dovish and drive risk assets like bitcoin, ethereum and other cryptocurrencies higher.
"Inflation will drop sharply this year, and while the Fed will likely be stubborn in admitting that they over-hiked, the financial markets will price the end of restrictive liquidity," Markus Thielen, head of research and strategy at crypto platform Matrixport, wrote in a report that includes a bitcoin price prediction of $45,000 in 2023.
"There will likely be a push-and-pull period over the short term," wrote Thielen.
"We acknowledge that prices could fall back to $24,000 and test the latest breakout level, but this would be a worst-case scenario, and the trend will likely reset itself higher from there. As a reminder, the 'January effect' has an 83% probability that bitcoin prices will be higher by the end of December 2023, when bitcoin has been up in January, such as on January 31 2023, at $22,950."
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