Bitcoin has rallied so far this year, rising above $30,000 in April for the first time in ten months
. Its gains represent a partial recovery after trillions of dollars were wiped from the crypto sector in 2022, as central banks hiked rates and a string of crypto firms imploded.
In Monday’s note, Standard Chartered said that bitcoin has benefited from its status as a “branded safe haven, a perceived relative store of value and a means of remittance.” JPMorgan said in a note on April 5 that a technical change to the bitcoin blockchain in April 2024, known as its “halving,” could boost its price by making it more expensive to produce, causing a “positive psychological effect.”
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