Bitcoin rallies as crypto markets rebound
At 10am AEDT, Bitcoin was trading at $US21,200 ($30,400), still way down from record highs in 2021 where it reached just shy of $US69,000.
“We’re in the early days yet so caution is most definitely warranted for investors,” market analyst Simon Peters, from trading platform eToro, said.
“At times like this markets have a habit of being knocked sideways any given day we have bad news.”
Peters said investors should take a long-term strategy on crypto assets.
Ether has enjoyed a similar bounce, trading above $US1550 for the first time in two months.
The rise has prompted prompting some speculation that the so-called crypto winter — the digital asset world’s equivalent of a bear market — is over.
“Wall Street is very confident that the end of the Fed’s tightening cycle is upon us and that is providing some underlying support for crypto,” Ed Moya, a senior market analyst at Oanda, said last week.
“Unless we hear some strong hawkish pushback from the Fed or if commodity prices surge, crypto traders should not be surprised if Bitcoin is able to extend its recent gains.”
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Bitcoin peaked more than a year ago, in November 2021.
Two months ago, as FTX contagion gripped the digital asset market, bitcoin plummeted to a two-year low of $US15,480.