Bitcoin breaks $30,000 for the first time in ten months
Updated 11 April 2023 at 2:43 a.m. EDT
Top line
The price of bitcoin rose above $30,000 for the first time since June on Tuesday, as the cryptocurrency continues a rally that has seen its price nearly double since the start of the year.
Keywords
The price of the world’s most valuable cryptocurrency was $30,100 early Tuesday morning, up more than 6.5% over the previous 24 hours.
The value of bitcoin has risen by more than 80% since the start of the year from $16,836.
Ether, the world’s second largest cryptocurrency, also saw its value rise on Tuesday as it passed $1,900 for the first time since August.
Key background
The price of bitcoin fell sharply last year after the crypto industry was mired in several scandals, including the collapse of the Terra/Luna tokens, the bankruptcies of crypto lender Celsius and crypto exchange FTX. The reason behind bitcoin’s current rise is partly attributed to the expectation that upcoming inflation numbers could lead to a pause in the Federal Reserve’s ongoing rate hikes, according to CNBC. In addition to this, Bloomberg reports, the cryptocurrency’s current lower volume of trading in the cryptocurrency could also amplify the price increase.
Big number
$68,789.63. This was the price of bitcoin in November 2021, when its value was at an all-time high.
What you should look for
Even as bitcoin continues to rally, some of the biggest players in the crypto industry are facing a crackdown from regulators. Last month, the Commodity Futures Trading Commission (CFTC) charged Binance, the world’s largest crypto exchange, and its billionaire founder Changpeng Zhao with violating commodity trading laws. In its release, the CFTC accused the company of conducting “illegal operations in the digital asset space” and alleged that Zhao intentionally evaded US law. Another major crypto exchange, Coinbase, revealed last month that it had received a Wells notice from the Securities and Exchange Commission. The notification indicates that the SEC has identified what it believes to be potential rule violations by the company.
Further reading
Bitcoin Climbs Past $30,000 For First Time Since June 2022 (Bloomberg)
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