Bitcoin has maintained its position above $77,000, following a significant surge earlier in the week, and is on track for a 13.6% gain in April, its best monthly performance in a year. This rebound comes after a prolonged period of decline, with the crypto market experiencing its longest losing streak since 2018.
The recent growth can be attributed to the expansion of Tether's USDT, the largest stablecoin, which has increased by approximately $5 billion over the past two weeks, acting as a liquidity driver in the crypto market. Analysts view this growth as an indicator of capital flowing into the crypto market, which is a positive signal for asset prices. Meanwhile, markets appear to be shifting focus away from the Iran war, with strong corporate earnings and resilient equity markets offsetting concerns about higher energy costs and geopolitical risks.
The upcoming Fed meeting will be a crucial test for the current rally, with the potential to determine whether the surge in bitcoin's price will be sustained.