Bitcoin Rises Above $23,000 As Crypto Market Recovers

The price of Bitcoin (BTC) has risen above $23,000 U.S. for the first time in a month as cryptocurrencies have recovered along with the stock market in recent days.

The world’s largest digital asset by market capitalization rose as high as $23,800 U.S., up 8% in 24 hours and trading at levels last seen in mid-June. Bitcoin was last trading at a price of $23,600 U.S.

Tighter global monetary policy and rising interest rates have pushed down prices for assets such as stocks and cryptocurrencies. Bitcoin’s price is still down 50% year to date.

Cryptocurrencies were promoted as a store of value like commodities such as gold. However, they have traded in lockstep with stocks for most of this year and mirrored the declines seen in technology securities.

A rally beyond $22,700 shows that Bitcoin has now recovered its 200-week moving average, which might lead to a trend reversal in the asset.

Bitcoin and other cryptocurrencies have been roiled in recent weeks by a liquidity crisis that led crypto firms such as Celsius, Three Arrows Capital, and Voyager to file for bankruptcy.

Separately, Ethereum (ETH), the second biggest cryptocurrency, rose more than 1% to $1,590 U.S. The price of Ethereum has gained 40% in the past seven days, fueled by optimism over an upgrade to its network that will make mining of the digital token more environmentally friendly.