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Shipping costs are continuing to ease, which should help to pull down inflation and lead to lower interest rates:
The recent banking crisis, and expectations that interest rates could soon peak, has spurred demand for cryptocurrencies such as Bitcoin, reports Victoria Scholar, head of investment at interactive investor.
“Bitcoin surpassed the psychological resistance level, $30,000 for the first time since June as the 2023 crypto rally continues. Bitcoin is up 80% against the US dollar so far this year but remains sharply below the peak from the final quarter of 2021.
Turmoil in the banking sector and speculation that the Fed could be nearing the peak of the rate hiking cycle have bolstered demand for cryptos, helping bitcoin stage a recovery after it logged a more than 60% slide last year, its second-worse annual performance on record. There is growing speculation that bitcoin is at the start of another bull run. Shorts have been getting squeezed this year, prompting more buying as the bears rush to cover their losing positions.”
