Turmoil in the banking sector, hotter-than expected inflation data, and renewed hopes for a dovish Federal Reserve has Bitcoin reaching levels not seen in about nine months.
The largest digital coin topped US$28,000 for the first time since June 2022, trading at around $28,200 at 9:45 a.m in London on Monday. Bitcoin is now up more than 70 per cent since the start of the year. Other tokens have rallied as well, with Ether gaining almost 50 per cent since Dec. 31 and Solana, one of last year’s most beaten-down coins, more than doubling.
“Bitcoin is correlated with liquidity conditions and real rates. Real rates have declined, liquidity conditions have expanded, and it looks as if we’re entering a new regime,” said Ilan Solot, co-head of digital assets at Marex. On Monday, crypto lender Matrixport raised its price target for Bitcoin to $36,000 — a level last seen just before the collapse of stablecoin TerraUSD in early May last year. That event touched off contagion in crypto markets that culminated with the bankruptcy of Sam Bankman-Fried’s digital-asset exchange FTX six months later.
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