{"id":493635,"date":"2023-05-29T08:49:22","date_gmt":"2023-05-29T06:49:22","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=493635"},"modified":"2023-05-29T08:49:22","modified_gmt":"2023-05-29T06:49:22","slug":"bitcoin-jumps-after-timid-few-weeks","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/493635-bitcoin-jumps-after-timid-few-weeks.html","title":{"rendered":"Bitcoin jumps after timid few weeks"},"content":{"rendered":"

Bitcoin climbed to the highest level in more than two weeks amid a boost to investor sentiment from a\u00a0deal<\/a><\/strong>\u00a0on raising the US debt limit.<\/p>\n

The largest digital token added as much 3.2% on Monday and was trading at $28,182 as of 9:32 a.m. in Singapore, oscillating around its 50-day moving average.<\/p>\n

Smaller tokens ranging from Ether to Binance Coin also posted gains.<\/p>\n

\"\"<\/a><\/p>\n

The debt-ceiling deal between President Joe Biden and House Speaker Kevin McCarthy has helped risk appetite in global markets.<\/p>\n

But the agreement still has to clear Congress quickly to avert a US default. A recent jump in Treasury yields and bets on more US monetary tightening are other potential headwinds.<\/p>\n

\u201cThis morning\u2019s positive risk sentiment directly relates to the resolution of the debt-ceiling impasse,\u201d said\u00a0John Toro<\/a><\/strong>, head of trading at digital-asset exchange Independent Reserve.<\/p>\n

\u201cFront-end funding costs remain highly elevated relative to crypto returns, resulting in negative carry for long holders. This will continue to prove a headwind for risk assets and the crypto complex.\u201d<\/p>\n

Bitcoin is on a five-day streak of gains \u2014 its best stretch since March \u2014 alleviating a challenging quarter due to poor liquidity and a US crackdown.<\/p>\n

\"\"<\/a><\/p>\n

Crypto markets have partially rebounded in 2023 from a rout last year that led to blowups such as the collapse of the FTX exchange.<\/p>\n

But they remain well off record highs, including Bitcoin\u2019s all-time peak of almost $69,000 in 2021.<\/p>\n

\u201cIt is possible the sheer relief of a debt deal will bring traders back to the table and trigger the next big leg-up in the price of Bitcoin,\u201d said\u00a0Tommy Honan<\/a><\/strong>, head of market analysis at crypto exchange Swyftx.<\/p>\n

Now read: Hackers hijack crypto transaction masking service<\/a><\/h2>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is on a five-day streak of gains \u2014 its best stretch since March \u2014 alleviating a challenging quarter due to poor liquidity and a US crackdown.<\/p>\n","protected":false},"author":341034,"featured_media":480467,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[71808,187,43338],"class_list":["post-493635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-binance-coin","tag-bitcoin","tag-ether"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/493635"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=493635"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/493635\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/480467"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=493635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=493635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=493635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}