Bitcoin has appreciated by 71.43% since the year began — despite ongoing concerns about inflation, interest rates and the threat of a recession.
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Bitcoin has bounced back hard over the past 24 hours — shrugging off recent developments in the crypto markets.
Despite the lingering threat of enforcement action and civil complaints by the SEC and the CFTC in the U.S., the world's biggest cryptocurrency has surged by over 5%.
BTC hit highs of $28,619 on Wednesday — taking it close to 90-day highs of $28,803.34, CoinMarketCap data shows.
Piercing this price point would propel Bitcoin to levels not seen since last June, and provide further confirmation that the bear market is over.
There could be further fireworks in the coming days, as BTC battles to secure its best quarter in two years.
At the time of writing, Bitcoin has appreciated by 71.43% since the year began — despite ongoing concerns about inflation, interest rates and the threat of a recession.
BTC had suffered losses in every single quarter of 2022 — and hasn't performed this well since Q1 2021, when prices doubled.
There have also been signs that Bitcoin has been decoupling from the stock market.
Central banks are beginning to hint that their aggressive campaign of interest rate hikes will soon be over, which could be an exceedingly bullish development.
But all of this hinges upon economic data pointing to signs of a recovery — and this is by no means guaranteed.
European markets were left reeling after the Consumer Price Index in the U.K. spiked by 10.4% in February — their highest rate in 45 years — taking economists by surprise.