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Rich Asplund

Bitcoin Breaks Out Above $30,000

Bitcoin United States

The price of Bitcoin (^BTCUSD) today rose above $30,000 for the first time in 10 months.  After sinking to a 2-year low in November, Bitcoin has rallied +82% so far this year, handily beating this year’s +7% rally in the S&P 500 Stock Index ($SPX) (SPY) and the +19% gain in the Nasdaq 100 Stock Index ($IUXX) (QQQ).  Nevertheless, Bitcoin is still more than 50% below its all-time high from November 2021. 

Several factors have supported the price of Bitcoin this year.  First, Bitcoin is climbing on speculation that easing price pressures and a slowdown in the economy will prompt the Federal Reserve to end its rake-hike campaign. Also, this year's banking sector turmoil has caused some investors to flock to Bitcoin as a shelter from traditional finance.

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