Bitcoin Breaks Above $30K for First Time Since June 2022

Bitcoin Breaks Above $30K for First Time Since June 2022

by Virtusenews
11. April 2023
Bitcoin Breaks Above $30K for First Time Since June 2022

The move continues a 2023 rally that has now seen the most popular crypto gain more than 80% in value.

Bitcoin (BTC) moved past $30,000 for the first time since June 10, 2022, as March’s banking turbulence faded into the distance and investors grew more optimistic about U.S. central bank monetary policy.

The largest cryptocurrency by market capitalization was recently trading at $30,237, up 6.75% over the last 24 hours.

“It’s clear that the market is pricing a slowdown in growth, and in turn a loosening of monetary policy by the Federal Reserve over the course of 2023,” said Richard Mico, the U.S. CEO and chief legal officer of Banxa, a payment-and-compliance infrastructure provider for crypto. “For evidence of this, just look at the bond market.”

A check of the bond market shows the U.S. two-year Treasury note having fallen to below 4% from a peak above 5% in early March as traders rapidly reversed their expectations of future Federal Reserve interest rate hikes.

“There will likely still be a lot of liquidity injected into the market as a result,” added Mico. “Already, bitcoin has been the best-performing asset of 2023, and it usually is the asset that responds most quickly and violently to these kinds of monetary shifts.”

Bitcoin last topped $30,000 on June 10 as it was on its way down to below $20,000, where it spent large parts of late 2022 and into the first weeks of 2023. It has been hovering around $28,000 for the past three weeks as wary investors gauged the impact of a near banking meltdown, continued inflationary pressures and other macroeconomic uncertainties. Bitcoin is up about 80% year to date after starting the year at about $16,600.

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