As investors increased their bets that the U.S. Federal Reserve will soon halt its aggressive monetary tightening campaign, major cryptocurrency bitcoin broke the crucial $30,000 mark for the first time in 10 months.
This move added to the cryptocurrency’s consistent increases. Bitcoin last traded 2% higher at $30,262 after reaching a height of $30,438 in Asian trade. After climbing by 23% in March, it has increased by around 6% since the beginning of the month.
The increase in value of the token comes after Friday’s closely watched U.S. nonfarm payrolls report, which showed that employers kept up a rapid pace of hiring in March, indicating a still-resilient economy. “Ether, the second largest cryptocurrency, stood close to last week’s roughly eight-month high of $1,942.50.