Bitcoin Breaches $30,000, Reaches 10-Month High

Apex crypto Bitcoin has surged past $30,000 and is dragging the crypto market higher.

The largest cryptocurrency by market cap is trading for $30,327, up over 9% in seven days.

The last time Bitcoin hit these levels was on June 9 of last year—almost exactly 10 months ago.

Ethereum, the second largest digital asset, has surged about 4.3% and is trading hands for $1,933.

Bitcoin’s recent surge has been attributed to traders’ expectation of Federal Reserve Chairman Jerome Powell to slow the rate of interest rates due to the banking crisis.

With the current financial uncertainty, assets like Bitcoin and gold remain a safe bet with a recession still looming.

At the start of the year, Bitcoin was worth $16,615 per coin. It has made a comeback, and is now up over 80%, shrugging off regulatory woes for the crypto industry.

But the asset still has a long way to go before it hits its November 2021 all-time high of $69,044.

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