Bitcoin tops $30,000 for first time since June
Bitcoin surpasses $30,000 for the first time since June as investors bet the US Federal Reserve will stop raising interest rates
Bitcoin has surged above $30,000 for the first time since June as investors bet the US Federal Reserve will soon stop raising interest rates.
The digital currency rose to $30,438, bringing its gains for the year to more than 80 percent, while ether and dogecoin also jumped.
But while bitcoin has recovered, it remains far from its high of nearly $70,000 in late 2021.
Crypto Buzz: Bitcoin Soared to $30,438 – Pushing Earnings for the Year to Over 80% – While Ether and Dogecoin Are Also Rising
Rising interest rates have sent shockwaves through markets, creating tensions in the banking sector, as evidenced by the demise of Credit Suisse and Silicon Valley Bank, and rocking crypto.
But with investors hoping the Fed will soon stop raising rates, investors have started pouring money back into crypto.
Alex Adelman, CEO of crypto rewards app Lolli, said: “Investors are increasingly shifting their capital to bitcoin and choosing it over traditional investments to build their wealth.
“The fact that today’s rally lacked a clear catalyst is an indicator of bitcoin’s new bullish market conditions and strong investor confidence.”