Bitcoin is at its highest level in almost a year as recession talk starts again and investors prepare for Wednesday’s U.S. inflation report.
The world’s largest cryptocurrency went over the $30,000 mark Monday night for the first time since June 10, 2022, when it peaked at $30,321 before retreating slightly, according to Dow Jones Market Data.
Despite being down over 57% from an all-time high in November 2021, bitcoin is up more than 80% since Jan. 1.
Meanwhile, Wall Street has its eyes on Wednesday’s inflation report from the U.S. Bureau of Labor Statistics and what the Federal Reserve will do in response to the latest consumer price index data, whether it means higher interest rates or a decrease in hikes to settle the troubled banking sector.
As digital assets become a haven for traders, Ethereum is also rallying, closing in on the $2,000 level for the first time since last August.
On Wednesday, crypto investors will see a major revamp to the Ethereum blockchain setup to allow access to more than $33 billion of ether currency.
Last week, crypto investment products attracted $57 million in inflows, bringing digital asset flows back into positive territory for the year.
Reuters contributed to this report.