Bitcoin hit a two-month high over the weekend as crypto continues to rebound from a crash following the stunning collapse of industry titans FTX and Alameda Research, though looming macroeconomic concerns may soon eat into crypto’s gains.
Relatedly, the combined market value of all cryptocurrencies passed the $1 trillion threshold for the first time since early November,Bitcoin—the world’s most valuable digital asset—pared gains slightly Monday, trading at $21,108 as of Monday at 12:45 EST, but bitcoin is still up 27% since the start of 2023, while Ether, the second valuable crypto coin by market value, is up 30% year-to-date.
The jump comes during a broader boom for equities, with the S&P 500 up 4.6% in 2023, as more and more data inflation is cooling, which investors hope will cause the Federal Reserve to in turn take its foot off the interest rate hike pedal.Crypto is the “biggest winner” during the current “boost in risk appetite,” OANDA analyst Craig Erlam wrote in a Monday note, cautioning it remains unclear if this is a true “resurgence or just a brief rebound.”Bitcoin peaked at over $65,000 in November 2021, while the total crypto market peaked at just over $3 trillion at the same time.
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