Bitcoin storms toward its strongest quarter in 2 years with a 72% jump, outperforming the Nasdaq and gold
, which are up 15% and 9%, respectively, in the same stretch. Bitcoin's rally is also exceeding those of other cryptos, including ether's 50% jump.
On Wednesday, bitcoin hovered around $28,360, after starting the year at about $16,600. The rally has pushed the market value for the world's largest cryptocurrency to $542 billion, according toThat rebound has coincided with expectations for the Federal Reserve to slow down the pace of interest rate hikes this year, lifting prices of risk assets overall, as inflation continues to cool.
And bitcoin got another boost after the collapse of Silicon Valley Bank set off fears of broader bank contagion. Traders are now anticipating the so-called Fed pivot to happen this year. Fed funds futures show markets are pricing in an easing cycle to start in June, with a 25-basis-point cut. "Silicon Valley Bank meltdown has directed a lot of attention on the permissionless and autonomous nature of Bitcoin for storing savings," Enrico Rubboli, the CEO of blockchain scaling provider Mintlayer, told Insider earlier this month."Combined with a low CPI print, the price of bitcoin is pulling retail into the crypto economy again."
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
On-Chain Stablecoin, Profitability Ratios Signal Investor CautionCrypto Markets Analysis: The recent increase in bitcoin prices shows investors positioning themselves for a potential price downturn. GWilliamsJr_CMT reports
Read more »
Bitcoin Heads for Best Quarter in Two Years, Outperforms Ether, Gold, NasdaqOne observer said poor order book depth is primarily responsible for the rally, while others pointed to the cryptocurrency's sound money appeal and Fed pivot speculation as bigger catalysts.
Read more »
Bitcoin Heads for Best Quarter in 2 Years, Outperforms Ether, Gold, Nasdaq$BTC has started 2023 with a bang. The cryptocurrency added almost 72% to $28,500 this year, its best quarterly gain in two years, CoinDesk data show. The price rally has lifted bitcoin's market value to $542 billion.
Read more »
Bitcoin price jumps above $28K after 1.5K BTC shorts 'blown out'Bitcoin bears get rude awakening as short squeeze pushes BTC price toward $28,500.
Read more »
3 Things That Will 'Continue to Plague Bitcoin': Steve HankeProminent Bitcoin critic professor Hanke shared why, for him, buying Bitcoin is 'fool's game'
Read more »
Bitcoin price retains $27K, but forecast says 'correction is incoming'Bitcoin sees $27,000 support hold as BTC price cools following Binance regulatory news.
Read more »