Crypto Spring? Bitcoin hits $44,000, gains for five consecutive days | Crypto News

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This is the cryptocurrency’s longest winning streak since September.

By Akayla Gardner Bloomberg

Posted on 7 February 20227 February 2022

Bitcoin rose for a fifth straight day, the longest winning streak since September, as investors begin to embrace risky assets again in global markets.

The largest cryptocurrency by market value gained as much as 5.8% to hit $44,110. XRP jumped 17% to around 78 cents as so-called alt coins rallied further. Shiba Inu led memecoins higher, rising about 50% to around 0.000034 cents, according to CoinMarketCap.

Global markets have been skewed in recent weeks as investors weigh the prospects of rapid monetary tightening. After hitting an all-time high of nearly $69,000 in early November, Bitcoin lost up to 50% of its value in what has been called a “crypto winter.”

The break above $43,000 could lead to the current upward move towards the $45,000 level, according to Nathan Batchelor, Senior Bitcoin Analyst for SIMETRI Research.

“People are starting to feel a little more comfortable dipping their toes back into some of these riskier asset classes after the pullback,” said Lindsey Bell, chief market and currency strategist at Ally Financial Inc., said. However, Bell says the broader market isn’t necessarily out of water yet with uncertainty lingering on multiple fronts, including the speed at which the Federal Reserve and central banks might act to rein in rising inflation.

A strengthening relationship between Bitcoin and stock indices has emerged in recent months, especially with the tech-heavy Nasdaq 100 index. The correlation between Nasdaq and Bitcoin is currently 0.43.

Gritt Trakulhoon, investment analyst at Titan Global Capital Management USA Inc., said Shiba Inu’s dramatic rise could be attributed to progress in developing a blockchain add-on, known as a Layer 2 network, specially designed for token called Shibarium. . The memecoin is based on the Ethereum blockchain.

“It doesn’t take much effort to push them higher or lower,” Bell said. “Because Bitcoin is such a large market capitalization and more liquid than some of these others, in a way – it’s not necessarily stable – but it’s more stable than some of the others.”

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