Bitcoin Breaks Above $30K for First Time Since June 2022 - Bitcoin topped the $30K mark for the first time since June 2022, up more than 80% year-to-date.

    According to CoinMarketCap, Bitcoin price on Monday evening suddenly climbed above $30K for the first time since June 2022. Since the beginning of this year, Bitcoin has grown by 80% in value, expanding its market cap to $585 billion. The trading volume of this largest cryptocurrency over the past 24 hours  also surged 72% to $21 billion.

    However, compared to its all-time high in the past, Bitcoin value still lost over 56%. In November 2021, Bitcoin surpassed the $69,000 mark and its market cap reached $1,240 billion.

    According to Bloomberg, Bitcoin’s rally has been even stronger than a nearly 20% gain on the Nasdaq 100. In fact, in the previous period, Bitcoin has tended to move in tandem with the Nasdaq 100.

    Source: CoinMarketCap

    “$30,000 is very significant for both technical and fundamental reasons. The resistance has been building up for three weeks straight and has now finally broken. This is the first time we have crossed that level since the collapse of Terra/Luna and Three Arrows Capital. It basically means that the price has fully recovered from Celsius, FTX and the US regulatory crackdown”, said Mati Greenspan, CEO at Quantum Economics.

    Bitcoin’s rally has gained strength over the past month following the collapse of three US banks. This once again evokes the idea of using Bitcoin as an alternative to traditional fiat monetary systems. In addition, analysts believe that the drop in liquidity to the lowest level in the past 10 months after market makers lost access to US banking rails provided by Silvergate Capital and Signature Bank also contributed to the market’s recovery. 

    Even so, the crypto industry still faces intense scrutiny, with the SEC suing crypto billionaire Justin Sun for allegedly violating securities rules. Recently, the US Commodity Futures Trading Commission also sued Binance founder Changpeng Zhao and the exchange for alleged violations of derivatives activities.

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