WorldMoney & Business

Bitcoin Breaks Above $28,000 for First Time Since June

Turmoil in the banking sector, hotter-than-expected inflation data, and renewed hopes for a dovish Federal Reserve have Bitcoin reaching levels not seen in about nine months.

The largest digital asset topped $28,000 for the first time since June 2022, trading for as much as $28,258 on Sunday. Since the start of the year, Bitcoin’s price has risen almost 70 per cent.

Other digital assets rallied as well — with Ethereum up about 17 per cent since the start of last week and so-called altcoins like Solana and Cardano advancing, too. Traders waded high levels of uncertainty last week in markets.

US two-year yields fluctuated wildly, and the Cboe Volatility Index, the so-called fear gauge also known as the VIX, spiked above 30. But Bitcoin kept steadfast — and straight up.

Broader markets fluctuated in the past week after a handful of US lenders failed, and fresh concerns arose around Credit Suisse Group AG before UBS Group AG agreed to buy its fellow Swiss bank on Sunday.

In the fallout, some investors have called on the Fed to pause interest rate hikes.


Gulf Business

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