Bitcoin rallied Monday to the highest level in 10 months, as some proponents tout the asset as a potential 'safe haven,' like gold, as recession fears return...
Bitcoin rallied Monday to its highest level in 10 months, as some industry proponents touted the asset as a potential “safe haven,” like gold, as recession fears return to the forefront, and after fears rose last month about potential instability in the banking system.
The world’s largest cryptocurrency topped $30,000 Monday night for the first since June 10, 2022, according to Dow Jones Market Data. Bitcoin BTCUSD is still down over 57% from an all-time high in November 2021. Ethereum ETHUSD also rallied, and was closing in on the $2,000 level for the first time since last August.
Still, bitcoin has been often trading in tandem with other risky assets, such as stocks, for the past few years. The rally on Monday may be partially driven by “the growing influence on the crypto market led by Hong Kong,” while U.S. regulators increase their oversight over the industry, according to Rachel Lin, co-founder and chief-executive at Synfutures.
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