Cryptocurrencies had a good day on Tuesday as they rallied with bitcoin (BTC-USD) surging past $30,000 for the first time in the past ten months. Bitcoin has already soared by more than 80% year-to-date after cryptocurrencies struggled last year following a string of collapses.
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The rise of cryptocurrency has been fueled by investors increasingly betting on the Federal Reserve pausing its monetary tightening policy ahead of the key inflation data being released on Wednesday. The Fed’s monetary tightening policy leading to a hike in interest rates had led to falling demand for riskier bets like Bitcoin.
The rally in Bitcoin also led to crypto stocks including Coinbase Global (COIN), MicroStrategy (MSTR), and Marathon Digital (MARA) increasing in pre-market trading on Tuesday.
Matrixport, a digital assets platform tweeted as BTC went past $30,000,
In the past three months, BTC-USD has risen by more than 60%.