Bitcoin has maintained its position above $77,000, following a notable surge to its highest level since early February. With a 13.6% increase in April, the cryptocurrency is poised for its strongest monthly performance in a year, according to CoinGlass data, rebounding from a prolonged losing streak. The improvement in the broader macroeconomic landscape, coupled with a strong recovery in US equities, has contributed to this turnaround.
Additionally, the supply of Tether's USDT stablecoin has grown to nearly $150 billion, with a $5 billion increase over the past two weeks, acting as a liquidity driver in crypto markets and potentially signaling capital inflow. Analysts view stablecoin growth as a positive indicator for asset prices. However, geopolitical uncertainties persist, and markets seem to be looking past these concerns for now, with strong corporate earnings and resilient equity markets offsetting worries about higher energy costs and risks.
The upcoming Fed meeting will be a crucial test for the current rally, with the potential to determine whether it will hold or fade.