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| Bitcoin soars to ten-month high | |
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| The top cryptocurrency has nearly doubled in value this year | The top cryptocurrency has nearly doubled in value this year |
| Bitcoin has moved above $30,000 for the first time since June, as investors grow more optimistic about US Federal Reserve monetary policy ahead of key inflation data later in the week. | Bitcoin has moved above $30,000 for the first time since June, as investors grow more optimistic about US Federal Reserve monetary policy ahead of key inflation data later in the week. |
| The top crypto by market capitalization peaked at $30,438 on Monday, but later retreated to $30,051 around 09:20 GMT on Tuesday, according to CoinDesk. | The top crypto by market capitalization peaked at $30,438 on Monday, but later retreated to $30,051 around 09:20 GMT on Tuesday, according to CoinDesk. |
| Bitcoin is up more than 80% since January 1. It started the year at around $16,600 following a turbulent 2022 that saw nearly $1.4 trillion wiped off the crypto market amid bankruptcies in the sector. | Bitcoin is up more than 80% since January 1. It started the year at around $16,600 following a turbulent 2022 that saw nearly $1.4 trillion wiped off the crypto market amid bankruptcies in the sector. |
| Crypto experts say that Bitcoin is likely to grow further after passing the psychological threshold of $30,000, especially if market expectations of the US Fed easing its monetary policy become reality. | Crypto experts say that Bitcoin is likely to grow further after passing the psychological threshold of $30,000, especially if market expectations of the US Fed easing its monetary policy become reality. |
| James Lavish, managing partner at the Bitcoin Opportunity Fund, told CNBC that there is speculation among traders that the upcoming consumer price index data “could come in at a level that gives the Fed reason to think about pausing raising rates in the next meeting, thereby giving a boost to assets like Bitcoin.” | James Lavish, managing partner at the Bitcoin Opportunity Fund, told CNBC that there is speculation among traders that the upcoming consumer price index data “could come in at a level that gives the Fed reason to think about pausing raising rates in the next meeting, thereby giving a boost to assets like Bitcoin.” |
| After the recent upheaval in the stock market brought about by the US banking crisis, some analysts have suggested that Bitcoin is likely to gain increasing appeal as a “safe haven” for investors. | |
| “While the 2020-2021 period was perceived as Bitcoin’s breakthrough moment, the present time truly marks its ascendance onto the global stage as a formidable asset,” Bob Ras, co-founder of Sologenic, a blockchain-powered system for tokenizing assets, said in an email to CoinDesk. | “While the 2020-2021 period was perceived as Bitcoin’s breakthrough moment, the present time truly marks its ascendance onto the global stage as a formidable asset,” Bob Ras, co-founder of Sologenic, a blockchain-powered system for tokenizing assets, said in an email to CoinDesk. |
| “Amidst heightened geopolitical instability, faltering banking systems and mounting concerns surrounding reserve currencies, Bitcoin has emerged as the reliable refuge that many had anticipated,” he added. | “Amidst heightened geopolitical instability, faltering banking systems and mounting concerns surrounding reserve currencies, Bitcoin has emerged as the reliable refuge that many had anticipated,” he added. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |