Bitcoin barrels toward historic January as crypto market jumps by US$280B
BNN Bloomberg
Bitcoin is set for its best January since 2013 on bets that monetary tightening and the crypto-sector crisis are both ebbing.
The largest token is up 39 per cent since the turn of the year, a first-month gain bettered only twice before when crypto was in its infancy. Smaller coins like Solana, Axie Infinity and Decentraland have doubled in value, part of a US$280 billion January climb in digital assets overall, CoinGecko figures show. Bitcoin retreated 2.9 per cent to US$23,111 as of 10:44 a.m. in New York on Monday amid broad declines in risk assets.
The rebound from last year's deep rout is part of a wider revival in risk appetite on expectations that central banks will slow interest-rate hikes and perhaps even cut borrowing costs later this year as high inflation moderates.
