Bitcoin Rebounds 25% as Crypto Markets Rebound

[ad_1]

New York CNN—

Bitcoin bulls are back.

After suffering losses for most of last year, bitcoin and other cryptocurrencies are rallying in 2023, suggesting that the so-called crypto winter, the global digital asset equivalent of a bear market, is over.

Bitcoin, the world’s most popular crypto, has risen 25% in the past month, topping $20,000 for the first time since November, when the implosion of the Sam Bankman-Frieds FTX trading platform sent shock waves in industry. Ethereum, the No. 2 crypto, is up over 30% in the past month, trading above $1,500 on Monday.

Wall Street is very confident that the end of the Fed tightening cycle is near and that this is providing underlying support for the crypto, Ed Moya, senior market analyst at Oanda, wrote on Friday. Unless we hear a strong hawkish reaction from the Fed or if commodity prices rise, crypto traders should not be surprised if Bitcoin is able to extend its recent gains.

Bitcoin peaked over a year ago in November 2021 at just under $69,000. Two months ago, as the FTX contagion gripped the digital asset market, bitcoin fell to a two-year low of $15,480.

While US stock and bond markets are closed Monday for Martin Luther King, Jr. Day, cryptocurrencies are trading 24 hours a day, seven days a week.

[ad_2]