"Bitcoin climbs past $30,000 for first time since June 2022"

" Bitcoin climbs past $30,000 for first time since June 2022 \r\n\r\nBitcoin climbed above $30,000 for the first time since June 2022, as cryptocurrencies keep outpacing other major asset classes amid expectations that central banks will pause rate increases.\r\n\r\nBitcoin is now up 82% since Dec. 31, handily beating the Nasdaq 100 tech index\u2019s 19% gain. Gold, another investor favorite this year, has climbed 9.6%. Crypto\u2019s rapid ascent has seen Bitcoin vault past where it stood when hedge fund Three Arrows Capital imploded last summer \u2014 yet it remains more than 50% below its all-time high in November 2021.\r\n\r\nDigital assets broke out of weeks of range-bound trading over the past two sessions, with analysts citing technical factors as well as bets on easier monetary policy. But hanging over the rally is persistently low liquidity, which bears say distorts pricing and could cause a rapid reversal should central banks stand firm on battling inflation.\r\n\r\n\u201c30k is very significant for both technical and fundamental reasons,\u201d said Mati Greenspan, Quantum Economics chief executive officer. \u201cThe resistance has been building up for three weeks straight and has now finally broken.\u201d\r\n\r\nBitcoin\u2019s breakout above stiff resistance at $30,000 comes after a so-called squeeze of the Bollinger Band, which saw historical volatility fall to the lowest since January. The compression back then resulted in a sharp move upward that looks similar to Tuesday\u2019s upside breakout. Traders following technical patterns may now be looking at the $30,800 area as a first potential objective, followed by $31,200.\r\n\r\nPunching past those levels would take Bitcoin close to another psychologically important threshold: erasing all losses since the tumultuous unwinding of the TerraUSD stablecoin in early May last year. That event set the stage for a deep market swoon and the demise of some of crypto\u2019s best-known names, from 3AC to lender Celsius Network and exchange FTX.\r\n\r\nRead about the arrest of TerraUSD\u2019s backer Do Kwon\r\n\r\nTo be sure, the crypto industry as a whole faces immense scrutiny. Crypto exchange Coinbase Global Inc. said it has received a notice from the Securities and Exchange Commission declaring its intention to bring an enforcement action. The SEC has sued crypto mogul Justin Sun for allegedly violating securities rules in a case Sun said lacks merit. And elsewhere, the US Commodity Futures Trading Commission has sued Binance founder Changpeng Zhao and his crypto exchange for alleged violations of derivatives regulations, though Binance has said it doesn\u2019t agree with many of the agency\u2019s characterizations.\r\n\r\nBut even with the setbacks, Bitcoin\u2019s rally has gained strength over the past month following the collapse of three US banks, which revived the narrative among Bitcoin bulls that the token offers a more attractive alternative to traditional finance.\r\n\r\nFurthermore, analysts say a drop in liquidity to a 10-month low \u2014 after market makers lost access to US banking rails provided by Silvergate Capital Corp. and Signature Bank \u2014 could also explain the rebound, at least in part. With lower trading volume, price swings can look more dramatic.\r\n\r\n\u201cOrder books are thin and trading activity is depressed,\u201d said Strahinja Savic, head of data and analytics at FRNT Financial. \u201cUnder these circumstances, it is possible that we see price action that is difficult to pin to any one reason.\u201d"

"Bitcoin climbs past $30,000 for first time since June 2022"

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