Bitcoin, the largest cryptocurrency by market value, surged above the key $30,000 level for the first time since June 2022, rallying more than 80% year-to-date, as investors bet the Reserve US federal government would soon end its aggressive monetary tightening campaign.
Bitcoin, the largest cryptocurrency by market value, surged above the key $30,000 level for the first time since June 2022, rallying more than 80% year-to-date, as investors bet the Reserve US federal government would soon end its aggressive monetary tightening campaign.
The token rose 2% to $30,262. Bitcoin has gained about 6% since the start of the month, after rising 23% in March. Still, Bitcoin is down more than 50% from its November 2021 all-time high.
The token rose 2% to $30,262. Bitcoin has gained about 6% since the start of the month, after rising 23% in March. Still, Bitcoin is down more than 50% from its November 2021 all-time high.
“Bitcoin's rise is a clear indication that the current banking crisis has heightened attention on the importance of decentralized finance. level of Ethereum Shanghai, which is expected to go live tomorrow, adds to the euphoria around digital assets,” said Om Malviya, President of Tezos India.
“Bitcoin's rise is a clear indication that the current banking crisis has heightened attention on the importance of decentralized finance. level of Ethereum Shanghai, which is expected to go live tomorrow, adds to the euphoria around digital assets,” said Om Malviya, President of Tezos India.
“Bitcoin-related stocks are also trending higher due to the rally in BTC and the momentum should continue if macro factors remain supportive. As we approach the Bitcoin halving that is scheduled for May 2024, we can expect the price of BTC to rise further,” Malviya added.
“Bitcoin-related stocks are also trending higher due to the rally in BTC and the momentum should continue if macro factors remain supportive. As we approach the Bitcoin halving that is scheduled for May 2024, we can expect the price of BTC to rise further,” Malviya added.
Bitcoin's surge follows Friday's U.S. Nonfarm Payrolls report, which showed employers maintained a strong pace of hiring in March, indicating a still resilient economy.
Bitcoin's surge follows Friday's U.S. Nonfarm Payrolls report, which showed employers maintained a strong pace of hiring in March, indicating a still resilient economy.
“Bitcoin's popularity is growing alongside traditional assets like gold and silver around the world. This bull run further underscores investors' faith in the resilience of the global macro economy, especially that of the United States. , we are only 12 months away from the Bitcoin halving event, a factor that has previously propelled Bitcoin's momentum as seen over the past three cycles. long-term potential of Bitcoin, and we consistently advise investors to take a Systematic Investment Plan (SIP) approach to it,” said Gaurav Dahake, Founder and CEO, BNS.
“Bitcoin's popularity is growing alongside traditional assets like gold and silver around the world. This bull run further underscores investors' faith in the resilience of the global macro economy, especially that of the United States. , we are only 12 months away from the Bitcoin halving event, a factor that has previously propelled Bitcoin's momentum as seen over the past three cycles. long-term potential of Bitcoin, and we consistently advise investors to take a Systematic Investment Plan (SIP) approach to it,” said Gaurav Dahake, Founder and CEO, BNS.
Banking sector turmoil
However, turmoil in the banking sector sparked by the collapse of Silicon Valley Bank last month has raised market expectations that the US Fed is unlikely to raise interest rates much longer as it seeks to ease tensions in the sector.
Banking sector turmoil
However, turmoil in the banking sector sparked by the collapse of Silicon Valley Bank last month has raised market expectations that the US Fed is unlikely to raise interest rates much longer as it seeks to ease tensions in the sector.
“The reason for the broad-based crypto rally is traders' optimism about central bank monetary policy,” said CMC Markets analyst Tina Teng.
“The reason for the broad-based crypto rally is traders' optimism about central bank monetary policy,” said CMC Markets analyst Tina Teng.
"Bets for a quicker pivot from the Fed on rate hikes have been boosted significantly after the banking turmoil in early March," Teng said.
"Bets for a quicker pivot from the Fed on rate hikes have been boosted significantly after the banking turmoil in early March," Teng said.
The token's break above strong resistance at $30,000 comes after a so-called Bollinger Band squeeze, which saw historic volatility fall to the lowest since January.
The token's break above strong resistance at $30,000 comes after a so-called Bollinger Band squeeze, which saw historic volatility fall to the lowest since January.
The compression at the time led to a sharp rise that resembles today's upside breakout. Traders following technical patterns can now consider the $30,800 area as their first potential target, followed by $31,200.
The compression at the time led to a sharp rise that resembles today's upside breakout. Traders following technical patterns can now consider the $30,800 area as their first potential target, followed by $31,200.
Admittedly, the cryptocurrency industry is still under intense scrutiny. Crypto platform Coinbase Global said it received a notice from the Securities and Exchange Commission stating its intention to file a lawsuit.
Admittedly, the cryptocurrency industry is still under intense scrutiny. Crypto platform Coinbase Global said it received a notice from the Securities and Exchange Commission stating its intention to file a lawsuit.
The SEC has sued crypto tycoon Justin Sun for allegedly violating securities rules in a case Sun has said is without merit. And elsewhere, the U.S. Commodity Futures Trading Commission has sued Binance founder Changpeng Zhao and his crypto exchange for alleged violations of derivatives regulations, although Binance said it was not responsible. agree with many of the agency's characterizations.
The SEC has sued crypto tycoon Justin Sun for allegedly violating securities rules in a case Sun has said is without merit. And elsewhere, the U.S. Commodity Futures Trading Commission has sued Binance founder Changpeng Zhao and his crypto exchange for alleged violations of derivatives regulations, though Binance said it was not responsible. agree with many of the agency's characterizations.
Ethereum, the second-largest cryptocurrency, was near the roughly eight-month high of $1,942.50 last week. It was 0.25% higher at $1,925.12.
Ethereum, the second-largest cryptocurrency, was near the roughly eight-month high of $1,942.50 last week. It was 0.25% higher at $1,925.12.
Cryptocurrency investors are eagerly awaiting a major overhaul of the Ethereum blockchain this week, which is expected to give them access to over $33 billion in ether currency.
Cryptocurrency investors are eagerly awaiting a major overhaul of the Ethereum blockchain this week, which is expected to give them access to over $33 billion in ether currency.
Dubbed Shapella, the software upgrade will allow market participants to redeem their “staked ether” – the coins they have deposited and locked onto the network over the past three years in exchange for interest.
Dubbed Shapella, the software upgrade will allow market participants to redeem their “staked ether” – the coins they have deposited and locked onto the network over the past three years in exchange for interest.