On Tuesday, Bitcoin topped $30,000 for the first time in 10 months as investors wagered that the U.S. Federal Reserve would soon halt its relentless monetary tightening.
Bitcoin peaked at $30,438 in Asian trade and closed 2% higher at $30,262. After climbing 23% in March, it has risen 6% this month.
The token’s rise follows Friday’s carefully awaited U.S. nonfarm payrolls report, which showed robust hiring in March, indicating a stable economy.
Yet, last month’s Silicon Valley Bank failure has heightened market expectations that the Fed will not hike interest rates much higher for longer to reduce banking sector stress.
CMC Markets analyst Tina Teng said traders’ confidence about central banks’ monetary policies drove the crypto rise.
During the financial upheaval in early March, Fed rate hike bets have increased considerably.
Ether, the second-largest cryptocurrency, was around last week’s eight-month top of $1,942.50. At $1,925.80, it rose 0.75%.
Bitcoin investors are excitedly awaiting a huge Ethereum blockchain update this week to unlock $33 billion of Ether money.
The Shapella software patch will enable market players to redeem their “staked ether”—coins they have placed and locked up on the network for three years—for interest.
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