Bitcoin could fall more than 65% from its November 2021 all-time high of just over $69,000, with the largest cryptocurrency up 19% over the past 30 days and on track for its best month since last year.
Bitcoin's 30-day gain is the biggest since October, which can be seen as a bullish signal as markets for bitcoin and other cryptocurrencies have been hit hard by rising inflation and a potential global recession. As the Federal Reserve raises interest rates, investors are selling risky assets, including U.S. stocks and also bitcoin.
Bitcoin isn't the only digital asset doing well: Ethereum is now trading at $1,745, up 55% in 30 days.
As reported yesterday, this may have something to do with the long-awaited and rapidly escalating second largest cryptocurrency merger. By September, Ethereum is expected to move to a more energy-efficient consensus mechanism called proof of interest.