Bitcoin has surged past $30,000. 

The largest cryptocurrency is up over 7% in 24 hours—and it’s bringing the rest of the digital asset market with it. 

CoinGecko data shows that the largest cryptocurrency by market cap is trading for $30,327, up over 9% in seven days. 

The last time Bitcoin hit these levels was on June 9 of last year—almost exactly 10 months ago. 

Ethereum, the second largest digital asset, is trading hands for $1,933, a 4.3% 24-hour bump. 

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While Dogecoin, the eighth biggest digital asset that last week jumped in value off the back of Elon Musk Twitter whims, is up modestly by 2.8% in the past day, trading hands for $0.085.

Bitcoin is by far doing the best out of the top 20 biggest digital assets. This may be in part because traders are expecting Federal Reserve Chairman Jerome Powell to slow the rate of interest rates due to the banking crisis, in turn make “risky” assets like Bitcoin more appealing. 

Others are pushing the safe haven narrative: with current financial uncertainty, assets like Bitcoin and gold remain a safe bet when a recession is (still) apparently looming. 

Bitcoin was lagging at the start of the year when it was worth $16,615 per coin. It has made a comeback, and is now up over 80%—despite seemingly endless regulatory woes for the crypto industry and an investor allergy to risk assets. 

Image: Shutterstock

Bitcoin, Ethereum Mixed After Fed Continues Tightening with Quarter-Point Rate Hike

The Federal Reserve said on Wednesday that it would raise interest rates by a quarter of a percent (or 25 basis points), pushing forward with its campaign to quell inflation despite two of the largest bank failures in U.S. history in the past two weeks. It raised interest rates to a target range of 4.75% to 5%, mirroring expectations in Fed futures markets, which had penciled in an 88% chance of a quarter-point rate hike, according to the CME FedWatch Tool. Cryptocurrency prices initially rose i...

NewsCoins
4 min read
Mat Di Salvo, André Beganski

But the asset still has a long way to go before it hits its November 2021 all-time high of $69,044. 

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