With a nearly 1.40% advance on Saturday, Bitcoin (BTC) saw a significant uptick as the weekend progressed, closing at $41,700.Even with this encouraging trend, The New York Times continues to be pessimistic about Bitcoin’s future.The RBI Governor has cautioned investors to proceed with caution, citing cryptocurrencies as a risk to the stability of the Indian Rupee, adding to the cautious stance.A $2.3 million loss by the cryptocurrency exchange Debiex as a result of purported romance scams has been filed to the Commodity Futures Trading Commission (CFTC), underscoring the weaknesses in the cryptocurrency market.In addition, there is concern that the strength of the US Dollar Index (DXY) could pose a threat to the rebound of Bitcoin, especially in light of the selling pressure exerted by Grayscale Bitcoin Trust (GBTC).
With so many different variables at work, investors are wondering if now is the right time to invest in Bitcoin and Ethereum as the latter approaches the $2,500 threshold.