Bitcoin hits $30,000 for the first time since June 2022

The coin rose 2 percent to $30,262. Bitcoin It has risen nearly 6 percent since the beginning of the month after rising 23 percent in March. Still, bitcoin is down more than 50 percent from its all-time high in November 2021.

“The rise of bitcoin is a clear sign that the current banking crisis has brought into focus the importance of decentralized finance. The latest bitcoin rally is expected to uplift the sentiment of the crypto community around the world and Ethereum,” said Om Malviya, President of Tezos India. Adding to the excitement of digital assets is the Shanghai upgrade which is due to go live tomorrow.

“Bitcoin related stocks are also seeing an upward trend due to BTC rally and the momentum is expected to continue if macroeconomic factors remain favourable. As we get closer to the May 2024 Bitcoin halving, we can expect a further increase in BTC price,” Malviya said.

Bitcoin’s rise follows Friday’s closely watched US nonfarm payrolls report, which showed employers maintained a strong pace of hiring in March, pointing to a still resilient economy.

“Bitcoin is growing in popularity alongside traditional assets like gold and silver around the world. This bull run further underscores investor confidence in the resilience of global macroeconomics, especially the United States. We are only 12 months away from the halving event, a factor that has previously driven bitcoin’s momentum as seen over the past three cycles. BNS remains highly optimistic about bitcoin’s long-term potential, and we continue to encourage investors to Recommend adopting a Systematic Investment Plan (SIP) approach,” said Gaurav Dahake, Founder & CEO, BNS.

turmoil in the banking sector

However, the banking sector has been in turmoil since the collapse of a Silicon Valley bank last month, raising market expectations that the US Fed is unlikely to raise interest rates for long as it looks to ease stress on the sector. tries to.

“The reason behind the broad-based rally in crypto is traders’ optimism towards central bank monetary policy,” said CMC Markets analyst Tina Teng.

“The stakes for the Fed’s pivot on rate hikes have strengthened dramatically since the bank turmoil in early March,” Teng said.

The coin’s breakout above the tough $30,000 resistance comes after the so-called squeezing of the Bollinger Bands, which saw historical volatility at its lowest since January.

The compression back then resulted in a sharp move to the upside that looks very similar to today’s upside breakout. Traders following the technical pattern can now look at the $30,800 area as a first potential objective, followed by $31,200.

To be sure, the cryptocurrency industry is still facing extreme scrutiny. Crypto platform Coinbase Global said it has received a notice from the Securities and Exchange Commission announcing its intention to take enforcement action.

The SEC has sued crypto mogul Justin Sun for allegedly violating securities rules, which Sun says lacks merit. Elsewhere, the US Commodity Futures Trading Commission has sued Binance founder Changpeng Zhao and his crypto exchange for alleged violations of derivatives rules, although Binance has said it does not agree with many of the agency’s characterizations.

Ethereum, the second-largest cryptocurrency, held close to a nearly eight-month high of $1,942.50 last week. It was last up 0.25 percent at $1,925.12.

Cryptocurrency investors are eagerly anticipating a major improvement in the Ethereum blockchain this week that is set to allow them to gain access to over $33 billion worth of Ether currency.

Dubbed Shpela, the software upgrade will let market players redeem their “staked ether” — coins they’ve accumulated and locked away on the network over the past three years — in exchange for interest.

with agency inputs