Bitcoin is maintaining its position above $77,000, following a notable surge to its highest level since early February. This upward trend puts the cryptocurrency on track for a 13.6% gain in April, its best monthly performance in a year, according to data from CoinGlass.
The rebound comes after a prolonged period of decline, with crypto markets experiencing their longest losing streak since 2018. The recent turnaround is attributed to an improved macroeconomic backdrop, with U.S. equities recovering and reaching record highs.
Additionally, the growth of Tether's USDT stablecoin, which has increased by approximately $5 billion over the past two weeks to nearly $150 billion, is seen as a key driver. This expansion in stablecoin supply is viewed as an indicator of increased liquidity in crypto markets, potentially signaling further capital inflow and a positive outlook for asset prices.
However, geopolitical risks persist, and the impact of the upcoming Fed meeting on the current rally remains to be seen.