Heightened Fed pivot speculation and poor order book liquidity have seemingly catalyzed a 70% surge in $BTC this year. reports godbole17
Bitcoin has begun 2023 with a bang, marking a positive turnaround from a year-long swoon.
The leading cryptocurrency by market value has added almost 72% to $28,500 this year, its best quarterly gain in two years,Just three months ago, some expertsthe possibility of bitcoin falling to as low as $12,000 this quarter, after its valuation had declined by 76% since November 2021. The rebound has put bitcoin ahead of ether, the second-largest cryptocurrency by market value, which appears on track for a 50% quarterly gain. Gold has added over 7%, while Wall Street's tech-heavy index Nasdaq has rallied 15%.
Much of the rebound has been fueled by speculation that central banks, led by the Federal Reserve , will abandon their aggressive rate increases in response toThe so-called Fed pivot expectations strengthened early this month after three U.S. banks collapsed and the central bank launched
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