Bitcoin has risen above $ 47,000, the highest since early January

Since this year’s low on January 24, bitcoin has gained over 40 percent and is skyrocketing. At around 11:00 CEST, bitcoin, according to the specialized server CoinDesk, gained 5.4 percent to $ 47,057. He rose above $ 47,500 during the session. The second largest cryptocurrency, ethereum, rose 5.7 percent to $ 3,324 at the same time.

The stronger growth of bitcoin is hampered, among other things, by the fact that the US Federal Reserve (Fed) and other central banks have begun to tighten their monetary policy, which they previously relaxed due to the effects of the pandemic. This tightening means, among other things, that less money goes to riskier assets, including cryptocurrencies, Bloomberg said.

In addition, cryptocurrencies have come under scrutiny due to speculation that they may be used to circumvent anti-Russian sanctions. Many analysts reject this claim.

Bitcoin and ethereum are strengthening this month along with the US stock market. Bitcoin reliably crossed the $ 45,000 mark, which was only touched by the most famous cryptocurrency in January.