- Bitcoin marked the $30.4K level as its 10-month-high.
- The BTC trading volume spiked over 89.3% in the last 24 hours.
Bitcoin crossed the $30,000 mark, putting an end to its three-week-long consolidation. This largest cryptocurrency recorded its 10-month-high at $30,430, which is the new high peak after a cascade of crashes in 2022 — from Terra Luna collapse, Celsius, and FTX to the recent US bank runs.
This breakout is regarded as the crucial checkpoint for analysts to confirm BTC’s bull market. According to TradingView, BTC surged more than 82% — from $16,622 at the start of 2023 to over $30,400. This price surge triggered the global crypto market capitalization to jump over 54% year-to-date from $793.6 billion to $1.23 trillion. Specifically, the break-out at $30K led the market’s value to rise more than 4%.
Bitcoin Bull Market Confirmed
On the other hand, the US banking catastrophe is seemingly losing its intensity. Evidently, Bloomberg reported the decline in the debt issued by Federal Home Loan Bank (FHLB) system to the four crypto-centric bank giants. From a peak of $340 billion, the debt issued was cut down to $37 billion. This suggested that the crisis is nearing its end. But the king crypto was unbothered about the bank runs by hovering within the $27-29K range.
Google Trends and Ahrefs reportedly unveiled the spike in Bitcoin’s search volume on the web. Significantly, in the US, the term registered a 12 million search volume, surpassing other terms — “Donald Trump”, “Breaking News” and “Elvis Presley.” This signified the accelerative phase of Bitcoin’s and other cryptocurrencies’ adoption and popularity. Interestingly enough, other reports also pointed out Bitcoin turning “less risky” among other real-world assets.
Besides this optimistic pace, Bitcoin mining faces regulatory pressure from the Texas government. Texas is well known for being the dominant Bitcoin mining capital. The regulators of this American state are in favor of the anti-Bitcoin mining bill and hence the bill nears the final vote. To prevent this, Bitcoiners – BTC supporters – are initiating a rally campaign “Don’t Mess With Texas Innovation.” As a positive update, the prominent Bitcoin maximalist Dennis Porter stated that Rockdale City Council voted against this bill.
At the time of writing, only 1,657,057 BTC are yet to be mined. Expectedly, in less than 380 days, the fourth BTC halving cycle will commence.
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