Bitcoin’s price jumped back above $45,000 Sunday afternoon for the first time since March 2, and topped $47,000 Monday morning.
Bitcoin has been trending up in recent weeks, and has seen an increase of 15% over the past week alone.
The current climb extends a surge that started earlier this month after the Federal Reserve’s announcement that it would raise interest rates for the first time in three years.
Bitcoin had been stuck below $40,000 after it jumped in price by 10% to above $42,000 following President Joe Biden’s signing of a sweeping executive order on cryptocurrency on March 9, which calls for government agencies to create a plan to regulate cryptocurrency, and to consider a government-issued central bank digital currency.
It marks the first concrete steps by the White House to regulate cryptocurrency, which has emerged as a key element in the war in Ukraine that continues to drive extra volatility in the crypto and stock markets.
Bitcoin has been up and down in recent weeks, but has seen a steady climb in recent days, and its high point of the year so far remains in the earliest days of January, when it nearly hit $48,000 on Jan. 2.
The crypto market has increasingly tracked the stock market in recent months, which makes it even more intertwined with global economic factors, such as those stemming from Russia’s war in Ukraine, which has led to increased volatility in both the crypto and stock markets.
Though it has had plenty of ups and downs, Bitcoin this year has so far stayed above its late January low point below $34,000, which was the lowest it had been in the previous 6 months.
Bitcoin has lost 40% of its value since it’s Nov. 10 all-time high above $68,000, and continues to be set back by surging inflation and ongoing signals from the Fed that it would begin pulling back on measures enacted to support the economy during the pandemic.