The crypto asset rose as much as 2 percent to $30,362. Since the beginning of April 2023, Bitcoin has gained about 6%.

Bitcoin, the world's leading cryptocurrency by market capitalization, broke through the $30,000 mark for the first time since June 2022. In fact, it's up more than 80% since the start of 2023. Why is this so? This sudden spike was attributed to a unique forecast betting that the Fed will not announce further rate hikes.

In fact, the forecasts even predict that the Fed may soon end its hawkish stance, prioritizing growth over inflation.

The crypto asset rose as much as 2 percent to $30,362. Since the beginning of April 2023, Bitcoin has gained about 6%.

In March 2023, crypto traders also witnessed a similar surge in the price of Bitcoin, up 23% by the end of the month.

As of 6:57 p.m. CST on April 11, bitcoin was worth $30,140.28. Over the past 24 hours, the crypto asset has risen from $28,186.45 to $30,403.09, or a 6.52% gain.

Excitingly, crypto lending platform Celsius froze withdrawals, preventing a crash. According to The Guardian, the move comes after Bitcoin crossed the 30,000 mark.

However, this is not the highest market capitalization of Bitcoin. In fact, it's still well below its all-time high of $68,000. The last time the crypto asset breached the threshold was in November 2021.

Given that threshold, Celsius probably has nothing to worry about. Especially since $30,362 is not even 50% of the top. Still, their swift action is justified given the ongoing “crypto winter” caused by the collapse of FTX and the demise of the Teraa stablecoin.

Also, cryptocurrency traders aren’t exactly celebrating Bitcoin’s steady rise. This growth, in turn, has sparked discussions around two possibilities -

2023 could see a long-awaited cryptocurrency boom

Mass Market Manipulation of Crypto Assets

On the other hand, during the collapse of SVB bank, some investors regained their confidence and funds in crypto assets. In fact, cryptocurrencies act as a potential “shield” against the traditional fiat economy.

The surge in Bitcoin and the entire crypto market is indeed a positive sign for traders. But the future remains unclear, as the Fed's future stance remains a major question.