Bitcoin Surpasses $30K Mark: A Milestone Achieved for the First Time Since June 2022

The Rise of Bitcoin: Breaking Above $30K for the First Time Since June 2022

Bitcoin (BTC) has surpassed the $30,000 mark for the first time since June 10, 2022, marking a significant milestone in its 2023 rally. The cryptocurrency, which has gained over 80% in recent months, has been buoyed by optimism around U.S. central bank monetary policy and a shifting market landscape.

“It’s clear that the market is pricing a slowdown in growth, and in turn a loosening of monetary policy by the Federal Reserve over the course of 2023,” said Richard Mico, the U.S. CEO and chief legal officer of Banxa, a payment-and-compliance infrastructure provider for crypto. “For evidence of this, just look at the bond market.”

• Bitcoin is currently trading at $30,237, up 6.75% over the last 24 hours.
• The U.S. 2-Year Treasury note has fallen below 4% from a peak above 5% in early March, reflecting changing expectations of future Fed rate hikes.
• Bitcoin has been the best-performing asset of 2023, responding quickly and significantly to monetary shifts.

In June 10, 2022, Bitcoin last reached the $30,000 mark as it was on a downward trend to below $20,000. It spent considerable time below $20,000 in late 2022 and early 2023, with the market grappling with banking challenges, inflationary pressures, and macroeconomic uncertainties. However, it has rebounded strongly in recent weeks, showing its resilience as an asset.

The narrative around Bitcoin is shifting, with increasing recognition of its potential as a reliable store of value and a risk-off asset. “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,” noted Mico. “BTC is now properly starting to be perceived as a risk-off asset.”

De-dollarization is also gaining traction as part of the Bitcoin narrative, with growing adoption of BTC as a hedge against geopolitical instability, faltering banking systems, and concerns surrounding reserve currencies. “With BTC, in short, you are your own bank,” added Mico. “It’s difficult to make predictions given the volatility of late, but I wouldn’t be surprised if this momentum regarding BTC continues.”

Bob Ras, co-founder of Sologenic, a blockchain-powered network for tokenizing securities, highlighted that Bitcoin has decoupled from stocks and is increasingly seen as a safe haven for investors. “The present time truly marks its ascendance onto the global stage as a formidable asset,” Ras wrote. “Amidst heightened geopolitical instability, faltering banking systems and mounting concerns surrounding reserve currencies, Bitcoin has emerged as the reliable refuge that many had anticipated. This crucial juncture signifies a pivotal advancement for the digital asset sector.”