(Sharecast News) - Bitcoin has soared over 6% in the last hours and has surpassed the level of $30,000 as it continues to take advantage of the positive inertia that all the financial crisis that was experienced during the month of March has provided for Bitcoin, making it a safe haven asset in the face of turbulence. The crypto exceeds the level of $30,000 for the first time since June 2022.
The prospect that the Federal Reserve (Fed) is going to slow down rate hikes sooner rather than later is also boosting Bitcoin currently.
"It's clear that the market is pricing a slowdown in growth, and in turn a loosening of monetary policy by the Federal Reserve over the course of 2023," stated Richard Mico, U.S. CEO and chief legal officer of Banxa, a cryptocurrency payment infrastructure provider, as reported by 'CoinDesk'.
Ethereum rises 3%, moves above $1,900 ($1,920) and heads towards $2,000. This takes place as investors await the Ethereum network's latest technology update, due tomorrow, on Wednesday.
The focus is now on the US CPI data to be published on Wednesday, which "could be at a level that would give the Fed reason to think about a pause in rate hikes at the next meeting, thus giving a boost to Bitcoin," commented James Lavish, managing partner of the Bitcoin Opportunity Fund, as reported by 'CNBC'.
For Edward Moya, an analyst at Oanda, Bitcoin's performance at this $30,000 level is key and "will determine whether the next big bullish phase has arrived." Moya noted that Bitcoin holders are unfazed by the possibility that the Fed will raise rates again and that the U.S. economy is headed for a recession this year. "It seems that many traders are convinced that the dollar's days are numbered, as it will gradually lose some of its status as the reserve currency of choice and that cryptocurrencies will be among the beneficiaries," he added.
Translator: Alejandra Zamora