Synopsis
The token’s surge follows Friday’s closely-watched US nonfarm payrolls report that showed employers maintained a strong pace of hiring in March, pointing to a still-resilient economy.
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Explore NowBitcoin has been on an upward trajectory since the beginning of 2023 and breached the key $30,000 level for the first time in 10 months on Tuesday amid the expectation that Fed will pause interest rate hikes.
On January 1st, Bitcoin began trading at roughly $16,500. As of 11th April, the asset has been trading above the $30,000 mark which is close to an 80% gain since January 2023. This is the first time since June 2022, that Bitcoin has reached this level.
“The resolute demonstrated by Bitcoin in the past three months emphasizes the optimistic investor sentiment towards the leading cryptocurrency. It also indicates how investors have come to view Bitcoin as a viable alternative in the current climate. This bull run further underscores the faith investors have in the resilience of global macroeconomics, particularly that of the United States,” Gaurav Dahake, Founder & CEO of BNS, said.
Bitcoin peaked at $30,438 in Asian trade and was last 6% higher at $30,133. It has gained about 7% since the start of the month, after rising 23% in March.
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View Details »The token’s surge follows Friday’s closely-watched US nonfarm payrolls report that showed employers maintained a strong pace of hiring in March, pointing to a still-resilient economy.
If the asset sustains above the key psychological resistance level of $30,000 we might see the price rise further, Rahul Pagidipati, CEO of ZebPay, said.
“This week’s US Consumer Price Index(CPI) data could potentially impact this trend further. If the CPI data encourages the Fed to pause interest rate hikes, it can bolster the price of Bitcoin. Irrespective of the near-time price gains and falls, we believe Bitcoin is a fundamentally strong asset with remarkable potential in the long run,” Rahul Pagidipati said.
Parth Chaturvedi, Crypto Ecosystem Lead at CoinSwitch, said, “Bitcoin is also increasingly becoming independent of traditional markets, as BTC’s correlation with tech-related NASDAQ 100 has weakened. According to a recent analysis by CryptoQuant, the correlation between the two has dropped by 60%, from 0.75 in October last year, to the current value of 0.3. Simultaneously, BTC has been showing an increasing correlation with gold for the past few weeks.”
Ether, the second largest cryptocurrency, stood near last week’s roughly eight-month peak of $1,942. It was last 3.18% higher at $1,918.
“In another development, Ethereum will conclude its two-year transition to proof of stake with the launch of the Shapella (Shanghai for the execution layer, and Capella for the consensus layer) upgrade, which is slated for tomorrow. The market’s focus remains majorly on the staked ETH withdrawals. Heightened volatility in ETH prices can be expected this week as investors assess the impact,” Parth Chaturvedi, said.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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