Bitcoin has crossed $30,000 once again.
The crypto market started the week with a rally along with global stocks and U.S. futures.
Despite the recent gains, Bitcoin is still over 50% down from its peak.
Share this article
Global stocks and U.S. futures are also up today.
Bitcoin Crosses $30,000
After weeks of dismal price action, Bitcoin is showing signs of life.
The leading cryptocurrency broke past the crucial $30,000 level early Monday, hours after registering its ninth consecutive weekly red close for the first time ever.
$30,000 has served as an important psychological support level for Bitcoin since early 2021. It briefly dipped below the milestone in July 2021 before surging to an all-time high above $69,000 three months later. However, Bitcoin has been on a sluggish decline since November 2021, finally breaking below $30,000 for a second time earlier this month during a week of chaos that saw Terra’s collapse cause an industry-wide wipeout.
Bitcoin’s price performance has been mirrored by many other crypto assets and traditional equities in recent months amid growing macroeconomic uncertainty. Since the Federal Reserve committed to hiking interest rate hikes and quantitative tightening measures to curb soaring inflation rates, crypto and global markets have suffered from sell-offs. Silicon Valley tech stocks have been among the hardest hit this year, with giants like Amazon and Tesla posting heavy double-digit losses (34.8% and 36.6% respectively).
Last month, Netflix posted a record 38% daily loss after it reported a fall in subscribers in one of the biggest signals yet that the Big Tech bubble may have finally burst. The crypto market, which has traded in close correlation with other asset classes in recent years, has tumbled to a value of around $1.3 trillion after topping $3 trillion seven months ago.
Although Bitcoin has had a shaky few weeks, it showed strength Monday with a 5.2% bounce as global stocks and U.S. futures rallied. European and Asia-Pacific stocks surged as traders have started to place bets on the Fed adopting a less aggressive tightening policy over the coming months. Dow Jones futures are also trading 1.76% in the green, S&P 500 futures are up 2.47%, and futures tracking the Nasdaq Composite Index have gained 3.33%. U.S. markets are closed Monday to mark Memorial Day, with trading set to resume Tuesday.
The crypto market is up 5.3% today with many lower cap assets posting stronger gains than Bitcoin. Nonetheless, with exhaustion from the 2021 bull cycle and a rocky macro climate to contend with, the market has a long way to go before it can reclaim its highs.
According to data from CoinGecko, Bitcoin is trading at around $30,630 at press time. Its market cap is about $584 billion, roughly 55.7% short of its highs.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.