Monday, March 27, 2023

Bitcoin at highest level since June in broad crypto rally – Usky News

crypto market Investor sentiment was boosted by efforts to support the banking sector and the condition that the US would start cutting interest rates later this year.
Bitcoin, the largest coin, rose as much as 4.9% and was trading at around $25,610 as of 10:45 a.m. in Singapore on Friday. Second-ranked ether added nearly 3%, while smaller coins such as solana And Polkadot jumped in too.
“Any sign of an interest rate cut should push money to riskier assets, which is likely to be enough to bring more institutional money into the crypto market, even if macro traders understand the long-term bitcoin investment thesis.” be or believe,” wrote. noel achesonAuthor of the “Crypto Is Macro Now” newsletter.
Bitcoin has climbed almost 55% so far this year and is touching its highest level since June 2022. But the coin is a long way from its record high of around $69,000 from November 2021.
Nervousness about the banking sector and pressure on Credit Suisse Group AG following the collapse of three regional US lenders has triggered a powerful rally in sovereign bonds as investors seek perceived safe havens.
“The drop in yields is welcome news for many crypto startups,” Edward Moya, senior market analyst at Oanda Corp, wrote in a note.


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