Friday, March 31, 2023

With $ 30,000 worth of Bitcoin in sight, analysts wonder how far it could go

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Bitcoin is on track for its longest monthly winning streak in over a year after hitting a record high of over $ 28,000 over the weekend.

The largest cryptocurrency hit an all-time high of $ 28,365 on Sunday before cutting some of the lead, according to a price composite compiled by Bloomberg. The streak of outsized returns in October, November and December so far is the longest of its kind since mid-2019.

“I have a feeling we’re very close to a top – we could hit $ 30,000 though,” said Vijay Ayyar, business development manager with the crypto exchange Luno in Singapore. “We should definitely see a pullback, but the magnitude is probably less. We might only see 10-15% declines. “

Bitcoin has divided opinion, with its price more than tripling in 2020 amid a worsening pandemic. Believers see it as a hedge against the weak dollar and the risk of faster inflation amid huge stimulus injections, and cite growing interest from institutional buyers. Others question the validity of Bitcoin as an investment and point to the digital currency’s history of wild rallies followed by crashes.

Regulatory scrutiny of the still nascent cryptocurrency industry continues to be a variable for investors to consider.

The Securities and Exchange Commission last week accused Ripple Labs Inc. and its executives of deceptive investors in the XRP affiliate token. As Ripple plans to challenge the charge in court, the development highlights the prospect of tighter oversight of digital assets.

Ayyar said investors are turning to Bitcoin and other digital coins following the development of XRP.

Bitcoin climbed to 3.6% on Monday and was trading at around $ 27,100 at 7:07 am in London. The cryptocurrency is up around 279% this year, while the larger Bloomberg Galaxy Crypto Index has risen 266%.

More to read absolutely financial cover of Fortune:


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