[NEWS] Bitcoin hits $30,000 for first time since June 2022

On the 11th, Bitcoin (BTC) surpassed $30,000 (approximately 4 million yen). It rose about 6.7% in the past 24 hours, and at one point exceeded $30,300 (approximately 4.04 million yen).

It is currently fluctuating around $30,000. This is the first time Bitcoin has exceeded $30,000 since June last year.

Altcoins have also risen in tandem with Bitcoin, and the cryptocurrency market has risen across the board.

Bitcoin started the year at around $16,000 and has been steadily increasing in price. After this rise, the increase since the beginning of the year has exceeded 80%.

Bitcoin is often linked to US indexes. This time, it rose in line with the rise of the NY Dow and S&P 500, but Bitcoin's increase rate is much higher.

Due to the impact of the series of bank failures last month, including Silicon Valley Bank and Signature Bank, some investors are increasingly including Bitcoin in their portfolios as a diversified investment and safe haven.

On the 5th of this month, MicroStrategy, a US business intelligence company, announced that it had purchased 1,045 BTC (equivalent to approximately $29.3 million at the time) of Bitcoin.

Another factor is that economic growth is beginning to slow down due to interest rate hikes by the Federal Open Market Committee (FOMC). The rate of interest rate hikes has been shrinking since the beginning of this year, and FRB Chairman Powell has also indicated that he is considering pausing or ending interest rate hikes.

The situation, in which interest rate policy is expected to be relaxed, is a tailwind for high-tech companies as well as cryptocurrencies such as Bitcoin.

Funds are concentrated in Bitcoin One of the reasons for this is the assertion by US regulators that some altcoins such as Ethereum (ETH) and services using them qualify as securities.

Last month, New York State judicial authorities filed a lawsuit against cryptocurrency exchange KuCoin for providing services that qualify as securities and commodities without registering in the state. At the time, they also pointed out that Ethereum also qualifies as a security.

Given these developments, it is possible that funds are concentrating in Bitcoin because they see it as less of a legal risk than altcoins.

Reference:NYAG announcement
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