Bitcoin Breaches $30,000 Level As Investors Eye End Of Fed Rate Hikes
NDTV
Bitcoin has gained nearly 6% since the start of the month, after rising 23% in March.
Major cryptocurrency bitcoin breached the key $30,000 level for the first time in 10 months on Tuesday, adding to its steady gains as investors raised bets that the U.S. Federal Reserve will soon end its aggressive monetary tightening campaign.
Bitcoin peaked at $30,438 in Asian trade and was last up 1.96% at $30,233. It has gained nearly 6% since the start of the month, after rising 23% in March.
Investors are awaiting a U.S. inflation report on Wednesday to assess the Fed's next steps after banking sector turmoil in March raised expectations that the central bank would let up on rate hikes to ease stress on the sector.
"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.
