Bitcoin hits six-month high – 02/16/2023 – Market

Bitcoin hit a six-month high on Thursday, rising with stocks and other relatively risky assets as investors gained confidence in the economic outlook and dismissed concerns about regulatory pressure from the sector.

The world’s largest cryptocurrency hit $24,895 (R$130,500) earlier this Thursday, the highest since August 2022, after jumping 9.5% on Wednesday (15).

Bitcoin is up nearly 50% so far this year, from around $16,500 where it reached in early January, hurt by the FTX collapse and the liquidation of many assets caused by aggressive rate hikes. rates by global central banks.

Except during industry-specific events like regulatory changes and large company meltdowns, major cryptocurrencies trade similarly to other risky assets, especially in times of economic uncertainty.

“Bitcoin crossed $24,000 for the first time in two weeks after rising more than 8% in the last 24 hours. The asset had fallen below $21,600 (R$113,200) in recent days growing anxiety about cryptocurrency regulation and future moves by the Fed to tame inflation, but those concerns appear to be fading quickly,” crypto investment platform Q9 Capital said in a note.