Bitcoin Reaches Highest Level Since June Amid Crypto Rally


The digital currency market made gains as initiatives to reinforce the banking sector and forecasts that the US could begin reducing interest rates later this year gave a boost to investor sentiment.
Bitcoin, the biggest token, rose as much as 4.9%, and was trading at about $25,610 as of 10:45am in Singapore on Friday. Second-ranked Ether added around 3%, while smaller tokens such as Solana and Polkadot also rose.
“Any indication of interest-rate cuts ought to push funds into riskier assets, which has the potential to attract more institutional money into the crypto market, regardless of whether macro traders comprehend or believe in the long-term Bitcoin investment purpose,” said Noelle Acheson, author of the “Crypto Is Macro Now” newsletter.
Bitcoin has gone up nearly 55% this year and is now close to its highest level since June 2022. However, the token is still far away from the record of almost $69,000 established in November 2021.
Worries about the banking sector after the collapse of three local US lenders and pressure on Credit Suisse Group AG have sparked a powerful rally in sovereign bonds as investors search for perceived havens.
“The decrease in yields is great news for many crypto startups,” Edward Moya, senior market analyst with Oanda Corp, wrote in a note.

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