Update: Adds crypto stock movement and quote, updates prices. Bitcoin ( BTC-USD ) has crossed $30K for the first time in 10 months on Tuesday, as traders are increasingly betting on the Federal Reserve ending its monetary tightening policy ahead of the release of key inflation data on Wednesday. The top cryptocurrency jumped to $30.3K, its highest level since June 2022, and was trading 6.2% higher at $30.09K at 10.52 am ET. Ethereum ( ETH-USD ) rose 2.8% to $1.91K, inching closer to $2K. "Overall, the trend is up, indicating a bullish market for cryptocurrencies," Matrixport tweeted . "Crypto has been driven by alpha factors, which is positive." More than 87% of all BTC future trades liquidated in the past 24 hours were short bets, CoinDesk reported , with losses from these trades amounting to ~$145M. Bitcoin ( BTC-USD ) crossing $30K is definitely a positive, but StockCharts.com senior technical analyst Julius de Kempenaer thinks it is too early to call victory. "The resistance area for BTC is still between ~$28.5K-$32K. BTC support and resistance levels are renowned for being very fluid and rough. I would be looking for a few days of BTC price holding above $32K, then the road is free for a more meaningful rally targeting $45K-$47.5K." Knox Ridley, Investing Groups leader of 'Tech Insider Network' , said now that bitcoin ( BTC-USD ) has risen nearly 90% from its November low, "we must conclude that this appears to be more than just a bear market bounce." "The recent decoupling of bitcoin ( BTC-USD ) from equities, we believe, is the start of a new uptrend that appears to be inversely correlated to the financial sector," said Ridley. Crypto-related stocks in the green include: Ebang International ( EBON ) +13% , Cipher Mining ( CIFR ) +9.8% , Canaan ( CAN ) +9.3% , Riot Platforms ( RIOT ) +7.8% , Coinbase ( COIN ) +7.6% , Marathon Digital ( MARA ) +7.1% , Bitfarms ( BITF ) +6.3% . Earlier, SA contributor VanEck analyzed how global sanctions triggered a resistance to the U.S. dollar hegemony .
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