Bitcoin has soared above $US20,000 for the first time since November last year, as the cryptocurrency continues a stunning run of form. 9News
The price of Bitcoin has jumped 20 per cent over the last week, hitting levels not seen since theAt 10am AEDT, Bitcoin was trading at $US21,200 , still way down from record highs in 2021 where it reached just shy of $US69,000.After getting pummelled by losses for the better part of last year, Bitcoin and other cryptocurrencies are rallying in 2023.
"We're in the early days yet so caution is most definitely warranted for investors," market analyst Simon Peters, from trading platform eToro, said.Peters said investors should take a long-term strategy on crypto assets.The rise has prompted prompting some speculation that the so-called crypto winter — the digital asset world's equivalent of a bear market — is over.
"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," Ed Moya, a senior market analyst at Oanda, said last week. "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."
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