Bitcoin rallies 25% as crypto markets rebound | CNN Business (2024)

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By Allison Morrow, CNN

2 minute read

Published 10:36 AM EST, Mon January 16, 2023

Bitcoin rallies 25% as crypto markets rebound | CNN Business (2)

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New York CNN

The bitcoin bulls are back.

After getting pummeled by losses for the better part of last year, bitcoin and other cryptocurrencies are rallying in 2023, prompting speculation that the so-called crypto winter — the digital asset world’s equivalent of a bear market — is over.

Bitcoin, the world’s most popular crypto, is up 25% over the past month, hovering above $20,000 for the first time since November, when the implosion of Sam Bankman-Fried’s trading platform FTX sent shock waves through the industry. Ethereum, the No. 2 crypto, is up more than 30% over the past month, trading above $1,500 on Monday.

“Wall Street is very confident that the end of the Fed’s tightening cycle is upon us and that is providing some underlying support for crypto,” wrote Ed Moya, a senior market analyst at Oanda, on Friday. “Unless we hear some strong hawkish pushback from the Fed or if commodity prices surge, crypto traders should not be surprised if Bitcoin is able to extend its recent gains.”

Bitcoin peaked more than a year ago, in November 2021, just shy of $69,000. Two months ago, as FTX contagion gripped the digital asset market, bitcoin plummeted to a two-year low of $15,480.

While US stock and bond markets are closed Monday in observance of Martin Luther King, Jr. Day, cryptocurrencies trade 24 hours a day, seven days a week.

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Bitcoin rallies 25% as crypto markets rebound | CNN Business (2024)

FAQs

Why is the crypto market rallying? ›

Despite facing significant downturns in 2022 and 2023, Bitcoin experienced a resurgence in 2024. Following substantial jumps on March 8 and March 14, Bitcoin surged to all-new highs. This surge reflects renewed confidence and interest in the cryptocurrency market, attracting attention from investors worldwide.

What is causing Bitcoin to rise? ›

While it's looking more and more like bitcoin is on a long-term rise again, traders in BTC and other cryptocurrencies are in unprecedented territory regarding several factors. Those include the geopolitical climate, economic indicators, crypto regulation and the Fed's intentions regarding interest rates.

What's driving the Bitcoin rally? ›

In summary, Bitcoin's recent rally above $62,000 is fueled by a combination of easing macroeconomic conditions, political factors, and huge whale activity. While challenges remain, the market sentiment is slowly shifting towards a more positive outlook, paving the way for potential growth in the coming months.

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