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The price of bitcoin rose past $30,000 for the first time since June on Tuesday, as the cryptocurrency continues a rally that has seen its price nearly double since the start of the year.
The price of the world’s most valuable cryptocurrency stood at $30,100 early on Tuesday morning, up more than 6.5% from the previous 24 hours.
The value of bitcoin has risen by more than 80% since the start of the year, when it was at $16,836.
Ether, the world’s second-largest cryptocurrency, also saw its value climb on Tuesday as it moved past $1,900 for the first time since August.
The price of bitcoin nosedived sharply last year after the crypto industry became mired in multiple scandals, including the collapse of the Terra/Luna tokens, the bankruptcies of crypto lender Celsius, and crypto exchange FTX. The reason behind bitcoin’s current recovery is partially attributed to the expectation that upcoming inflation numbers could prompt a pause in the Federal Reserve’s ongoing rate hikes, according to CNBC. In addition to this, Bloomberg reports, the cryptocurrency’s current lower volume of trading may also be magnifying the surge in prices.
$68,789.63. This was the price of bitcoin in November 2021, when its value was at an all-time high.
What To Watch For
Even as bitcoin continues to rally, some of the biggest players in the crypto industry are facing a crackdown from regulators. Last month, the Commodity Futures Trading Commission (CFTC) charged Binance, the world’s largest crypto exchange, and its billionaire founder Changpeng Zhao, for violating commodity trading laws. In its release, the CFTC accused the company of running “illegal operations in the digital asset space” and alleged that Zhao was willfully evading U.S. law. Another major crypto exchange, Coinbase, disclosed last month it had received a Wells notice from the Securities and Exchange Commission. The notice indicates the SEC has identified what it believes are potential regulatory violations by the company.
Bitcoin Climbs Past $30,000 for First Time Since June 2022 (Bloomberg)