Bitcoin extends its longest winning streak since pandemic days
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A PROLONGED rally in Bitcoin has given crypto enthusiasts a smidgen of something to be happy about during a dark period for the industry.
The world’s largest token advanced for nine straight days, the longest such streak since 2020, according to data compiled by Bloomberg. Bitcoin added more than 10 per cent this month. The second-largest token, Ether, added about 17 per cent. Bitcoin was up 4 per cent to trade at US$18,258 as at 10.15 am Singapore time. Ether climbed over 4 per cent, while Avalanche jumped about 9 per cent.
Bets that inflation is cooling and that the US Federal Reserve will slow the pace of interest-rate hikes have helped all manner of assets at the start of 2023.
For Bitcoin, the recent gains are a stark contrast to last year’s slump of more than 60 per cent amid a series of crypto blowups, including the fall of the FTX exchange.
“Risk assets have been rallying, I think, for the reason that the terminal rate is coming slowly but surely into the foreground and positioning has been bearish and transitioning, which means bullish near-term price action,” said Michael Purves, founder of Tallbacken Capital Advisors.
Institutions may make a comeback once the issues overhanging the digital-asset market clear up, according to Noelle Acheson, author of the Crypto Is Macro Now newsletter.
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“There is little doubt that large players will come back into the market when the outlook is less murky, pushing up transactions and also price,” she wrote in a note this week. BLOOMBERG
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