Bitcoin surged past $29.3K for the first time since last June, jumping about 4% over an hour-long period Monday. Investors now await the March Consumer Price Index on Wednesday to see if inflation has continued to wane. JPRubin23 writes
For a while Monday, even as large parts of the world were off work celebrating Easter Monday, bitcoin seemed headed for a promised land above $30,000.
“There isn't a clear catalyst for this spike,” Edward Moya, senior market analyst for foreign exchange market maker Oanda, wrote in an email to CoinDesk, although he said that the surge might stem partly from “buying from crypto traders voicing frustration on social media over a one-sidedMoya also noted that the move higher “occurred around the release of news that Federal Home Loan Bank debt issuance had lessened, signaling that “the banking crisis was easing.
In February, inflation in the U.S. slowed to 0.4% from 0.5% a month earlier and 6% on a yearly basis from 6.4% the previous month. Bitcoin jumped past $26,000 following that report, on March 14. “BTC is also being seen as a reliable store of value that lacks the issues that come with storing your money by way of a third-party intermediary, or a bank,” Richard Mico, the U.S. CEO and chief legal officer of, a payment-and-compliance infrastructure provider to the crypto industry, wrote in an email to CoinDesk. “This is further supported by the decreasing correlation with the equity markets since 2021 – BTC is now properly starting to be perceived as a risk-off asset.
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