Bitcoin surpasses $30K for first time in over nine months

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gold and silver round coins - A pile of Bitcoin coins., tags: time - unsplash
gold and silver round coins – A pile of Bitcoin coins. – unsplash

Bitcoin ($BTC) has surpassed the $30,000 mark for the first time in over nine months, following the resolution of banking concerns in March and optimistic views about the U.S. central bank’s monetary policies.

According to CoinDesk’s data, the leading cryptocurrency in market capitalization reached $30,111 in the last 24 hours, representing a 6.39 percent rise.

The CEO of Quantum Economics, Mati Greenspan, explained that the recent Bitcoin price surge is significant for both technical and fundamental reasons. He noted that the resistance had been building up for three weeks and finally broken.

This surge is the first time Bitcoin has surpassed this level since the collapse of Terra/Luna and Three Arrows Capital — indicating that the price has fully recovered from Celsius, FTX and the U.S. regulatory crackdown.

According to Richard Mico, the CEO and chief legal officer of Banxa — a crypto payment and compliance infrastructure provider, the bond market indicates a potential reduction in growth and subsequent relaxation of the Federal Reserve’s monetary policy during 2023.

A check of the bond market shows that the U.S. 2-Year Treasury note has fallen below four percent from a peak of over five percent in early March. This move proves traders’ expectations of the Federal Reserve’s interest rate hikes have reversed.

As a result of this development, according to Mico, a sizable amount of liquidity will continue to be injected into the market. He also pointed out that Bitcoin has been the best-performing asset this year and is often the asset that responds to such monetary changes most swiftly and dramatically.

Bitcoin price fluctuations

Bitcoin’s value last exceeded $30,000 on June 10, 2022, before descending to less than $20,000. It remained there until the first few weeks of 2023.

For the past three weeks, it has been fluctuating around $28,000 as cautious investors assess the potential effects of the nearly catastrophic banking situation, persistent inflationary forces and other macroeconomic ambiguities. Since starting the year at around $16,600, Bitcoin has risen by about 80 percent.

In January, the cryptocurrency experienced a surge in value as inflation appeared to be subsiding. Even though it slowed down in February, it regained momentum towards the end of March after Silicon Valley Bank and Signature Bank collapsed.

As some investors expressed concerns about the stability of the existing monetary system, they became more interested in assets that preserve their worth. Like cryptocurrency, gold has also experienced a recent spike, exceeding $2,000 for the first time since 2020.

According to Mico, the banking crisis has triggered a shift in perception that leads to Bitcoin’s upward trend. The CEO also pointed out that the de-dollarization narrative is gaining traction. So while price volatility remains, he wouldn’t be shocked if $BTC’s momentum persists.

In an email to CoinDesk, co-founder of Sologenic Bob Ras mentioned that Bitcoin’s attractiveness as a secure investment option has risen — given that it has become decoupled from stocks.

Ras said that Bitcoin emerged as a reliable investment option due to increased “geopolitical instability, faltering banking systems and mounting concerns surrounding reserve currencies.”

These factors have contributed to Bitcoin’s ascent as a formidable asset and marked a significant advancement for the digital asset sector, surpassing even the breakthrough moment it experienced in 2020-2021.

While Bitcoin’s value has recently surged, the crypto industry is still scrutinized. The Securities and Exchange Commission has sent a notice to Coinbase Global Inc., indicating that it intends to take enforcement action against the company.

The SEC has also sued Crypto mogul Justin Sun for allegedly violating securities rules, but Sun denied the accusations.


Bitcoin is a protocol which implements a highly available, public, permanent, and decentralized ledger. In order to add to the ledger, a user must prove they control an entry in the ledger. (wikipedia)

Federal Reserve

The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, (wikipedia)


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