Bitcoin surges above $30,000 for the first time in 10 months amid optimism around interest rate curb
Nickie Louise
Posted On April 11, 2023
Amid rising optimism that the U.S. Federal Reserve will soon end its aggressive interest rate hikes, crypto investors flocked to Bitcoin causing the price of the world’s most popular cryptocurrency to breach the key $30,000 level for the first time in 10 months.
The price of Bitcoin soared to $30,100 on Tuesday. As of the time of writing, the crypto coin is currently trading at $30,188, almost double its price late last year when it was trading at $15,696.30 on November 9, 20220. In Asian trade, Bitcoin peaked at $30,438 and was last up 1.96% at $30,233. The world’s most popular crypto has gained nearly 6% since the start of April, after rising 23% in March.
So, what pushed Bitcoin price above $30,000?
The question many are asking is what’s driving the surge? First, several financial analysts had predicted that Bitcoin would regain its $30,000 price tag as the U.S. Federal Reserve ends its aggressive monetary tightening campaign. While traders await the U.S. for the US Consumer Price Index (CPI) report tomorrow Wednesday, investors are hoping the Fed would ease the stress by putting a break on the interest rate hike that started almost a year ago.
“The recent surge in bitcoin’s price is like a breath of fresh air after a long, cold crypto winter,” said Tim Frost, CEO of crypto yield platform Yield App.
“This renewed optimism could be attributed to an anticipated shift in the U.S. Federal Reserve’s monetary policy, which is expected to create a more stable, and hopefully predictable, environment.”
In addition, a majority of technical indicators still point to a strong bullish trend for Bitcoin and a potential long-term bull run over the next few months.
As we also reported last month, many crypto investors see Bitcoin as a safe haven as the Federal Reserve printed $300 billion out of thin air in one week to save failed banks. Investors fear further inflation and fled to save haven assets like cryptocurrency, gold, silver, and other commodities.
