The price of the virtual currency jumped Monday after a number of bullish developments, even as investors watch developments in the war in Ukraine and the Federal Reserve.
After a late Sunday rally, the criptocurrency broke past the key level of $45,000 and erased its losses for the year. It traded more than six percent higher at $47,620.75. It reached $47,754.31 earlier in the day, its highest level since January.
Since Friday, the digital currency has increased in value.
There aren't any particular catalysts for the moves, but there have been several bullish developments for the digital asset in the past week.
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Line chart with 89 data points.The chart has 1 X axis displaying Time. Range: 2021-12-29 00:00:00 to 2022-03-27 00:00:00.The chart has 1 Y axis displaying values. Range: 32500 to 50000.End of interactive chart.
Goldman Sachs became the first major U.S. bank to trade over the counter last week, and also said it will soon allow institutional clients to spot trading. Bridgewater is about to make an investment into acryptocurrencies fund.
The ongoing capital splash into the digital currency is a sign that investors do not want to take a back seat in a price movement that could push the digital currency to a height not seen since November 2021, said Alexander Mamasidikov, co-founder.
Terra is building a $10 billion reserve fund for its stable coin TUSD. It has been buying more and more of it.
Yuya Hasegawa, the CEO of Bitbank, noted that the futures market was accumulating short positions when the price fluctuated below $40,000.
He said that the break out of an ascending triangle indicates an upward trend and will likely continue in the short term.
The market should be cautious ahead of the Personal Consumption Expenditures report and jobs report, which could lead to a 50 basis point rate hike at the next FOMC meeting, he said. Powell said last week that rate increases could become more aggressive if necessary.
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