Bitcoin has risen above $30,000 for the first time since June as investors bet the US Federal Reserve will soon stop raising interest rates.
The digital currency rose as high as $30,438 – taking gains for the year to over 80 per cent – while ether and dogecoin have also jumped.
But while bitcoin has rallied, it remains well off its peak of close to $70,000 in late 2021.
Crypto buzz: Bitcoin rose as high as $30,438 – taking gains for the year to over 80% – while Ether and Dogecoin have also jumped
Rising interest rates have sent shockwaves through markets, causing strains in the banking sector as seen by the demise of Credit Suisse and Silicon Valley Bank, and upending crypto.
But, with investors hoping the Fed may soon stop raising rates, investors have started to pile money back into crypto.
Alex Adelman, chief executive of crypto rewards app Lolli, said: ‘Investors are increasingly shifting their capital into bitcoin, choosing it instead of traditional investments to build their wealth.
‘The fact that today’s rally did not have a clear catalyst is a bellwether of bitcoin’s newly bullish market conditions and strong investor confidence.’
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