An afternoon rally has bitcoin threatening the $19K level for the first time since it gapped down from about $21K as FTX was imploding two months ago. SteveAlpher reports
) to $18,800, up 7% for the day and it's highest level since it was gapping down in early November as crypto exchange FTX imploded.
With today's gain, bitcoin is now up about 14% thus far in 2023 as it looks to recover from the 2022 bear market. Moving alongside is crypto exchange Coinbase , up 4% today and now ahead 35% year-to-date. The moves in the miners are even more dramatic: Marathon Digital is up 16% today and 83% year-to-date, with peers like Riot Platforms and Hut 8 Mining showing similarly-sized gains.
The Grayscale Bitcoin Trust – whose discount to net asset value widened to nearly 50% towards the end of 2022 – is up 12% for the session, and has now narrowed its discount to NAV to 36.4%. Michael Saylor's MicroStrategy – the owner of more than 130,000 bitcoin – is ahead 5.5% today and 42% year-to-date.from 7.1% the previous month, in line with economist forecasts, and likely paving the way for the U.S.
Speaking with CoinDesk, Swan Bitcoin Managing Director Steven Lubka said he expects inflation numbers to continue to soften in the first half of 2023, which should give the Fed room to somewhat soften its stance. Lubka, however, is concerned that CPI prints in the second half of the year may not be so benign, and the central bank could find itself in a difficult spot with a softening or even recessionary economy alongside rising inflation.
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