Bitcoin returned to $30,000 for the first time since June 2022, gaining 82% since Dec. 31, as cryptocurrencies keep outpacing other major asset classes. Annabelle Droulers reports on Bloomberg Television.

Financial District

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Banking Crisis

Bitcoin rally tops 80% growth in four months

So what's booming and hotting up in Bitcoin? Yeah, that's right. Well, it really does come down to that narrative that's sort of been driving it since around March, which was the stress in the banking sector, the likes of SVB signature that that drove this this narrative from crypto pundits that said that, you know what, Bitcoin can really be the alternative to traditional finance. That is something that really helped the initial part of the advance or the initial leg of it. And then something else that some investors are pointing to is just general liquidity, because that's around a 10 month low now. And that tells us perhaps that you can have exacerbated moves in either direction. It just happens that it's moving to the upside here and looking a little bit more dramatic. But it is interesting, those liquidity issues are actually linked to banking stress, because when you had the collapse of Silvergate signature, the crypto world was largely cut off from the US dollar banking system. And that hasn't really been replaced yet either. But still, yeah, price is above the 30,000 mark. What about potential catalysts for further upside? Because I look at some of the technicals, they're starting to get exhausted. What other factors should we consider at this point? Yeah, technicals into account, well, it does indicate that the first line in the sand, potentially the first potential objective could be 30,800. After that, we're looking at 31,200. Crossing 30,000, though, it is very significant, both for technical and fundamental reasons, because it is the first time that we've seen this move since June 2022. And it does indicate to us perhaps that we've seen the worst of the collapse from Celsius, FTX, and the US regulatory crackdown. That is behind us. But it is interesting when you put Bitcoin in relation to the other big crypto tokens in the markets, the likes of Ethereum, for instance, that's up around 60% over this time. Ripple around 50%. But the fact that Bitcoin is in the lead, that tells us that a lot of the speculation hasn't yet come to those other more niche tokens just yet. And so it does indicate that US traders are still being quite conservative, at least for now.

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Phoenix

U.S. Presidential Election

Giuliani indicted in election vote-rigging case

Dozens of whales have died after 160 became beached during a mass stranding event in WA's south-west. Community members turned out this morning to the mouth of Toby Inlet at Geographe Bay near Dunsborough, where dozens of pilot whales were stuck in shallow water.

Geographe

Mass whale stranding in southwest WA

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Kokoda

Australian Prime Minister's Kokoda pilgrimage

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Wakeley

Teenagers face court over terrorism offences

U.S. President Joe Biden is expected to sign a law that sets a January 2025 deadline for Chinese parent company ByteDance to sell its U.S. operation. Lawmakers behind the ban have warned of national security risks from the popular social video app.

Washington

Biden to sign law that could ban TikTok in U.S.

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London

Runaway horses cause peak-hour chaos in London

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Sderot

Israel-Gaza War

UN calls for inquiry after unmarked graves found in Gaza

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Athens

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Council of the City of Sydney

Thousands of veterans take part in ANZAC Day marches

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Ukraine Invasion

Biden signs Ukraine, Israel aid, TikTok ban package

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Pyongyang

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Berlin

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Justice Dept. to pay $139 million to USA Gymnastics abuse victims

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Teenagers arrested in ongoing Sydney anti-terror raids

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Beijing

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Prime Minister walking the Kokoda Track

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New Delhi

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New York

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Wimereux

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Tokyo

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Forbes

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Banking Crisis