Bitcoin has maintained its position above $77,000, following a significant surge earlier in the week to its highest level since February. The cryptocurrency is poised for a 13.6% gain in April, marking its best monthly performance in a year, as per CoinGlass data. This rebound comes after a prolonged downturn, with crypto markets experiencing their longest losing streak since 2018, including consecutive monthly declines from October to February. The improvement in the broader macro landscape has contributed to this turnaround, with U.S.
equities rebounding to record highs after briefly entering correction territory. A key driver of this move is the growth of Tether's USDT, the largest stablecoin, which has surged to nearly $150 billion, adding approximately $5 billion over the past two weeks. This growth is significant, as stablecoins act as liquidity in crypto markets, indicating capital inflow and a positive signal for asset prices. However, geopolitical tensions and uncertainty surrounding the Iran conflict persist, keeping oil prices elevated.
Markets appear to be looking beyond these concerns for now, with strong corporate earnings and resilient equity markets helping to offset higher energy costs and geopolitical risks. The upcoming FOMC meeting will be a crucial test for the current rally, and the ability of bitcoin to break through the $79,000 level will depend on the drivers of the move and the participants involved.