Bitcoin extends its longest winning streak since pandemic days
BNN Bloomberg
A prolonged rally in Bitcoin is giving crypto enthusiasts a smidgen of something to be happy about during a dark period for the industry.
The world's largest token has advanced for nine straight days, the longest such streak since 2020, according to data compiled by Bloomberg. Bitcoin has added almost 10 per cent this month and second-largest token Ether about 17 per cent. They both fell more than 60 per cent last year.
Bitcoin was up 3.6 per cent to about US$18,194 as of 6:53 a.m. in New York. Ether and Avalanche both gained about four per cent.
Bets that inflation is cooling and that the Federal Reserve will slow the pace of interest-rate hikes have helped all manner of assets at the start of 2023. For Bitcoin, the recent gains are a stark contrast to last year's slump of 64 per cent amid a series of crypto blowups, including the fall of the FTX exchange.
