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Bitcoin (BTC-USD) topped $30,000 for the first time in 10 months on Tuesday, as investors increasingly bet that the Federal Reserve will end monetary tightening before key inflation data is released on Wednesday.
the above The cryptocurrency jumped to $30.3 thousand, its highest level since June 2022, and is trading 6.2% Higher at $30.1K as of 5.20AM ET. Ethereum (ETH-USD) rose 2% To $1.9K, it’s getting close to $20K.
“Overall, the trend is bullish, which indicates a bull market for cryptocurrencies,” Matrixport said chirp. “The cryptocurrency has been driven by alpha factors, which is a positive thing.”
Over 87% of All Liquidated Bitcoin Futures Trades Over the Last 24 Hours Were Short Bets, CoinDesk mentionedwith losses from these deals amounting to ~$145 million.
Bitcoin (BTC-USD) has rallied nearly 90% from its November low, “We have to conclude that this appears to be more than just a bear market bounce,” Knox Ridley, investment group leader at Tech Insider Network, said.
“We believe that the recent decoupling of Bitcoin (BTC-USD) from stocks is the beginning of a new bullish trend that appears to be inversely related to the financial sector,” said Ridley. “As more and more investors realize that their deposits, once again, may not be safe, we should see increased demand for BTC.”
Earlier, SA contributor VanEck analyzed how global sanctions have led to resistance to the dominance of the US dollar.