Bitcoin has reached its highest value since June 2022

The flagship cryptocurrency has reached its highest level since June 2022 and set a new price high for 2023 at $ 30,200. The BTC $61,002.68 Bitcoin 1.31% Market capitalization $1.2 trillion VOL. 24 hours $0.72 billion quotes increased by 6.1% per day.

At the time of writing, the price of BTC has adjusted, and the token is trading at $ 30,000. Over the past 30 days, bitcoin has risen by 46.2%, and since the beginning of 2023, by 80%.

Many analysts predicted the growth of BTC to $ 30,000, as the crypto community is waiting for the publication of the US Consumer Price Index (CPI) report on April 12. Investors are trying to understand in which direction the Fed will change interest rates. According to some indicators, the U.S. economy is headed for a recession. In such circumstances, bitcoin can become a hedge against inflation.

«Bitcoin is becoming a hedge against inflation and growing banking uncertainty, so we are seeing its price rise partly because investors are looking for protection,» said William Zilke, Chief Revenue and Marketing Officer at BitPay.

As for the main altcoin, its value has also increased. ETH $3,382.76 Ethereum -0.02% Market capitalization $406.56 billion VOL. 24 hours $0.31 billion rose by 3.5% overnight, reaching $ 1924. Last year, the token exceeded $ 1900 on August 16, when the Fed was raising the federal funds rate at a record pace to fight inflation. Users are waiting for the Shapella update, also known as Shanghai-Capella, scheduled for April 12. The main updates will include the ability to withdraw funds from staking and optimize commission costs (gas).