Bitcoin climbs Financial News

Bitcoin extended its rally from last week, rising above $27,000 for the first time since August. Other digital assets followed suit, with smaller tokens such as Solana, Litecoin and Bitcoin Cash rallying. The largest digital token had ended positive on Sunday for the first week in five, and increased as much as 3.7% to $27,418 on Monday. Solana gained around 6%, Litecoin rose 6.5% and Bitcoin Cash jumped 8%. The price increases come with the Federal Reserve expected to keep borrowing rates steady when policy makers meet this week. Higher rates tend to reduce the allure of higher risk assets such as cryptocurrencies. “After a prolonged struggle at the psychological support of $25,000, Bitcoin managed to hold steady. Range traders will now be looking to take profits just above $30,000,” said Mati Greenspan, chief executive officer of Quantum Economics. Some analysts are questioning how long this latest rally will last and as reported previously the level investors are watching on Bitcoin is $28,800.

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Take, for example, the recent issues that Circle-issued USD Coin (USDC) faced when it depegged from the U.S. dollar following Silicon Valley Bank’s collapse. Two weeks later, Mastercard boldly integrated the stablecoin into its infrastructure in the Asia-Pacific region, allowing users to spend USDC through its network. It’s happening, folks!

Bitcoin climbed to a nine-month high on Monday as turmoil in the banking sector drives some investors to turn to digital assets, as the cryptocurrency built on its best week in four years. The biggest cryptocurrency rose as far as $28,567, its highest since mid-June, and was last up 0.9%, amid growing expectations that central banks would slow the pace of interest rate hikes. Bitcoin rose 26% last week, its best weekly gain since April 2019, and has soared some 40% in 10 days as turmoil in the banking sector rippled around the globe — culminating, so far, in UBS Group's takeover of rival Credit Suisse Group AG over the weekend. Traditional assets such as banking stocks and bonds plummeted on Monday after UBS sealed its state-backed takeover of Credit Suisse, a deal orchestrated in an attempt to restore confidence in a battered sector.

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Despite the Federal Reserve (Fed) increasing interest rates by half a point (0.5%), Bitcoin (BTC) soared by 6% to reach $40,002.

Bitcoin (BTC) reclaimed $41,000 on April 14 as the first day of Western stock market trading after Easter painted a more bullish picture.

Bitcoin climbed on Tuesday to its highest in almost three weeks, adding to its gains since Russia's invasion of Ukraine, pulling up smaller digital coins such as ether.

After climbing to a price of more than $41,000 on Monday, Bitcoin’s market capitalization has surpassed that of the Russian ruble. 

While bitcoin (BTC), ethereum (ETH), and most of the broader crypto market rose higher in price today, a number of researchers and analysts are arguing that the crypto market may be bottoming out and that it could be in for a bullish ride later in the year, prompted by a number of possible catalysts. Still, they urge caution.

Bitcoin gained the most in four months as investors show signs of renewed risk appetite following a volatile week across financial markets. The largest cryptocurrency by market value jumped as much as 10% to $40,730, the most since Oct. 1. It hasn’t been above $40,000 in more than two weeks. Ether climbed as much as 12%. Even SOL, the native currency of the Solana blockchain that has tumbled in the wake of the Wormhole project hack, surged about 12%. The top cryptocurrencies began to rally in overnight trading after strong earnings from Amazon.com Inc. bolstered confidence in technology stocks, which digital tokens have largely tracked over the past months.

Bitcoin rose to about $51,000 and touched the highest level in more than two weeks, buoyed by wider positive sentiment in financial markets. The largest cryptocurrency has advanced some 4% over the past two days and at one point reached $51,524 on Friday in Asian trading.

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