New York
CNN:
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Bitcoin bulls are back.
After losses for most of last year, Bitcoin and other cryptocurrencies are on the rise in 2023, suggesting that the so-called crypto winter, the equivalent of a bear market in the world of digital assets, is over.
Bitcoin, the world’s most popular crypto, has surged 25% in the past month, topping $20,000 for the first time since November, when the implosion of Sam Bankman-Fried’s FTX trading platform sent shockwaves through the industry. Ethereum, the No. 2 crypto, is up more than 30% in the past month, trading above $1,500 on Monday.
“Wall Street is very confident that the end of the Fed’s tightening cycle is upon us, and that’s providing some support for crypto,” Ed Moya, senior market analyst at Oanda, wrote on Friday. “Unless we hear some strong hawkish response from the Fed or if commodity prices rise, crypto traders shouldn’t be surprised if Bitcoin can extend its recent gains.”
Bitcoin peaked over a year ago in November 2021 from just $69,000. Two months ago, when 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.
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