Khaberni - The price of Bitcoin increased by more than 2% this morning, exceeding the $93,000 barrier for the first time since early December last year.
Bitcoin's rises come at a time when analysts predict that uncertainty in Venezuela will lead to increased demand for cryptocurrencies to hedge against economic and financial risks in the country.
Bitcoin exchange-traded funds recorded positive investments of more than $471 million last Friday, which is the highest in more than a month after several weeks of outflows.
On another note, brokerage firms confirmed their intention to launch spot trading on cryptocurrencies during the current year after experiencing increased demand from individual and institutional clients.
Speculation Tool
Although there is no direct relationship between the situation in Venezuela and the digital currency market, these developments increase uncertainty in traditional markets; leading to liquidity flows towards digital assets as a speculation tool during periods of low liquidity over the weekend.
Analysts believe that Bitcoin's stability above the $90,000 level may pave the way to test the $96,000 area in the coming days.
However, the market remains sensitive to any statements from the Federal Reserve regarding monetary policy, or any military escalation in Latin America that may affect energy and currency markets.
