Bitcoin [BTC], the largest crypto asset by market cap, has broken through $30,000 per coin as investors feel optimistic while celebrating Easter.
According to the data by CoinMarketCap, Bitcoin [BTC] crossed $30,000 on early Tuesday. As of writing, the asset is more than 6% up in the last 24 hours and exchanging hands at around $30,100.
According to Wu Blockchain, the surge has resulted in the liquidation of $116 million on the entire network, “96.22% of which are short orders.”
The price of Bitcoin broke through $30,000, its highest level since June 2022, with a 24-hour gain of 4.9%. In the past 24 hours, 116 million US dollars have been liquidated on the entire network, 96.22% of which are short orders.
— Wu Blockchain (@WuBlockchain) April 11, 2023
Bitcoin Holds Ground After The New York Times Attack
Bitcoin recorded a 24-hour high of $30,399 on Tuesday, April 11th. Historical data reveals that the coin was last seen above $30,000 levels ten months ago, on June 10th, 2022.
The rest of the crypto market has also gained momentum. $2,000 for Ethereum [ETH] is also in sight as the coin has risen more than 4% in the last 24 hours to trade around $1,930. Almost all top-20 assets have recorded noticeable gains.
The exact cause of this market move is difficult to pinpoint. However, the price move followed The New York Times’s recent article that again targets the same old issue of Bitcoin’s energy consumption.
— Nik (@nikcantmine) April 10, 2023
Analysts say the price surge stemmed partly from buying investors who voiced frustration against the one-sided article. They are also pointing out traders’ expectations from Federal Reserve Chairman Jerome Powell to slow the rate of interest rates due to the recent banking crisis, making “risky” assets like Bitcoin more appealing.
This surge is also pushing the safe haven narrative of Bitcoin, as with current financial uncertainty, a recession is still looming. Assets like Bitcoin and Gold have demonstrated their safe haven capability during the recent banking crises and in the past as well.
Despite many regulatory foes, Bitcoin is currently up about 80% year-to-date after starting 2023 at about $16,600. The crypto king has been hovering around $28,000 for the past three weeks, as the market was gauging the impact of a near banking meltdown, continued inflationary pressures, and other macroeconomic uncertainties.
Now Bitcoin has broken through much-awaited $30K levels, its likelihood of holdings these gains will depend on March Consumer Price Index (CPI) data and the Fed’s May meeting. The Bureau of Labor Statistics will release March Consumer Price Index (CPI) data on April 12th. The CPI data might influence the Fed’s interest rate decision in the next meeting in May.