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Bitcoin Manages to Regain $18,000 as Bullish Streak Continues

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Thu, 12/01/2023 - 6:08
Bitcoin Manages to Regain $18,000 as Bullish Streak Continues
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After facing plenty of setbacks in 2022, crypto enthusiasts have a reason to be hopeful.

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Bitcoin surged yet again today, peaking at $18,385 on the Bitstamp exchange. 

During its nine-day long rally, which marks the longest bullish streak since 2020, the flagship cryptocurrency has added more than 10%

Major altcoins are also in the green, with Ethereum (ETH) topping the $1,400 level.

As reported by U.Today, Ava Labs recently secured a partnership with Amazon Web Services, a subsidiary of tech giant Amazon. As the result, the price of the AVAX token expedited a double-digit price increase. 

Experts are attributing this recent surge of risk assets to a cooling in inflation expectations coupled with the Federal Reserve’s expected slowing of interest rate hikes. Michael Purves from Tallbacken Capital Advisors told Bloomberg that risk asset are likely to experience bullish near-term price action. 

Bitcoin's gains offer stark contrast to last year's slump of over 60%. The massive correction was triggered by various crypto blowups, including the implosion of FTX exchange and the arrest of its controversial founder Sam Bankman-Fried.

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