Bitcoin Rises to $30.7K, Gained 80% in First Half of 2023

Bitcoin Rises to $30.7K, Gained 80% in First Half of 2023

Bitcoin and other cryptocurrencies record an uptrend as retail investors remained bullish ahead of the inflation date in the United States. The price of Bitcoin has climbed more than 1% over the past 24 hours to nearly $30,800, approaching its recent peak above $31,000, which represents Bitcoin’s highest level since last June.

The global crypto market cap printed at $1.19 trillion, a 1.86% increase over the last day, supported by the largest digital asset movement.

The total crypto market volume over the last 24 hours settled at $41.17 billion, which makes a 39.02% increase.  The total volume in DeFi is currently quoted at $2.92 billion, translating to 7.10% of the total crypto market 24-hour volume.

Also, the volume of all stable coins is now $37.76 billion, which is 91.71% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 50.06%, a decrease of 0.34% over the day. The largest digital asset has rallied some 85% in the first half of 2023.

“Bitcoin’s comparative performance against the wider crypto market strengthened, with no signs of reversal,” said Rachel Lin, CEO of trading platform SynFutures.

The day ahead holds a possible catalyst for more gains — or a reversal amidst uncertainties in the global economy and US dollar swings.

Like the Dow Jones Industrial Average and S&P 500, Bitcoin is set to move on the back of the U.S. core personal consumption expenditures (PCE) index, the Federal Reserve’s preferred measure of inflation, due today.

Expectations that the Fed, which has raised interest rates aggressively since March 2022 in a bid to control decades-high inflation will soon stop tightening financial conditions has been a tailwind for Bitcoin.

The PCE data could confirm whether the central bank is likely to be more accommodative on monetary policy, or, if inflation remains hot, more poised to hike rates further, dampening demand for risk assets.

In the meantime, crypto traders remain bullish, piling into derivatives positions and betting on a continued rise in prices. #Bitcoin Rises to $30.7K, Gained 80% in First Half of 2023 Nigerian Treasury Bills Yield Rises to 7%