{"id":1534,"date":"2023-01-30T06:43:54","date_gmt":"2023-01-30T06:43:54","guid":{"rendered":"https:\/\/solanacrypto.news\/2023\/01\/30\/bitcoin-barrels-toward-historic-january-as-crypto-market-jumps-by-280bn\/"},"modified":"2023-01-30T06:43:54","modified_gmt":"2023-01-30T06:43:54","slug":"bitcoin-barrels-toward-historic-january-as-crypto-market-jumps-by-280bn","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2023\/01\/30\/bitcoin-barrels-toward-historic-january-as-crypto-market-jumps-by-280bn\/","title":{"rendered":"Bitcoin barrels toward historic January as crypto market jumps by $280bn"},"content":{"rendered":"
\n

Bitcoin is set for its best January since 2013 on bets that monetary tightening and the crypto-sector crisis are both ebbing.\n<\/p>\n

The largest token is up over 40% since the turn of the year, a first-month gain bettered only twice before when crypto was in its infancy. Smaller coins like Solana, Axie Infinity and Decentraland have doubled in value, part of a $280 billion January climb in digital assets overall, CoinGecko figures show.\n<\/p>\n

The rebound from last year\u2019s deep rout is part of a wider revival in risk appetite on expectations that central banks will slow interest-rate hikes and perhaps even cut borrowing costs later this year as high inflation moderates.\n<\/p>\n

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

The rally in virtual coins has weathered ongoing fallout from the collapse of Sam Bankman-Fried\u2019s FTX exchange \u2014 such as the bankruptcy of crypto lender Genesis Global Holdco LLC and a spate of layoffs across the industry.\n<\/p>\n

January \u201cfeels like a month of new beginnings, with emerging clarity as to bankruptcy proceedings, corporate restructurings and market fundamentals pointing to the bottom being behind us,\u201d wrote Noelle Acheson, author of the \u201cCrypto Is Macro Now\u201d newsletter.\n<\/p>\n

Still, there are plenty of skeptics who doubt if the rebound in the likes of crypto and tech stocks will last. One risk is that the soft economic landing markets are hoping for is fanciful because rates must stay higher for longer.\n<\/p>\n

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

The comeback of speculative assets like Bitcoin and the Ark Innovation ETF \u201cwill likely reverse\u201d if oil, wages and consumer-price increases shift the \u201csoft landing\u201d narrative temporarily in coming weeks into a \u201cno landing\u201d view, Bank of America Corp. strategists led by Michael Hartnett said last week.\n<\/p>\n

Federal Reserve Chair Jerome Powell may also remind investors that officials plan to keep rates elevated for some time. He\u2019s due to speak after an expected downshift by the Fed to a quarter-percentage-point hike this week.\n<\/p>\n

Some corners of global markets are also flashing warnings. For instance, hedge funds have built up the biggest bearish bet on bond futures on record, clashing with the narrative that a peak in rate hikes is near.\n<\/p>\n

For now, momentum is king. Rick Bensignor of Bensignor Investment Strategies targeted $25,000 for Bitcoin in a note Monday, a level it last hit in August.\n<\/p>\n

Bitcoin edged down about 1% to $23 640 as of 11:30 a.m. in Tokyo on Monday. It\u2019s on course for the best month since December 2020. Ether, the second-largest token, was steady at about $1635.\n<\/p>\n

\u00a9 2023 Bloomberg<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is set for its best January since 2013 on bets that monetary tightening and the crypto-sector crisis are both ebbing. The largest token is up over 40% since the turn of the year, a first-month gain bettered only twice before when crypto was in its infancy. Smaller coins like Solana, Axie Infinity and Decentraland […]<\/p>\n","protected":false},"author":1,"featured_media":1535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/1534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=1534"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/1534\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/1535"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=1534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=1534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=1534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}