The Bitcoin (CRYPTO: BTC) price kicked off March trading for US$39,632.
Yesterday, just before we ticked the calendars over into April, Bitcoin was worth US$47,397, according to data from CoinMarketCap.
That’s a gain of 19.5% over the course of the month.
Why the Bitcoin price made headlines in March
The Bitcoin price made plenty of headlines in March.
And for good reason.
Early in March, and less than 2 weeks after Russia’s invasion of Ukraine, reports emerged that cryptos were being sent to help support Ukraine’s defence efforts. Among those reports, it emerged that Bitcoin had surpassed Russia’s plummeting rouble in terms of total value.
A bit later in the month, the Bitcoin price surged on the day that United States President Joe Biden signed an executive order imposing greater oversight on crypto markets. Crypto investors look to have applauded that regulatory move.
Mid-month, Bitcoin received another leg up when a potential crypto mining ban failed to gain traction among European Union parliamentarians.
The token also held up well following the first interest rate rise from the US Federal Reserve in many years, with numerous more rate hikes flagged over the coming months.
Earlier this week, on 29 March, the Bitcoin price hit a new 2022 high, erasing sizeable losses it had suffered in the first 2 months of the new year.
That new 2022 high came following news that the Luna Foundation, the organisation behind stablecoin TerraUSD (CRYPTO: UST), had bought almost 25,000 Bitcoin worth roughly US$1.1 billion.
Crypto markets resilient in March
Commenting on the recent performance of the Bitcoin price and crypto markets more broadly, Josh Gilbert, crypto analyst at multi-asset investment platform eToro, said:
Despite geopolitical tensions emerging and interest rates rising across the globe, crypto markets have demonstrated a high level of resilience. The tumultuous start of 2022 has highlighted the multitude of use cases that cryptoassets possess. Investors are now starting to see crypto as more than just an investable asset, but instead, as something that can completely shift financial systems and provide support to those in need.
On the first trading in April, the Bitcoin price is down 3.5% to US$45,598.
The post Here’s what moved the Bitcoin price 20% higher in March appeared first on The Motley Fool Australia.
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More reading
- Here’s what ESG investors should know about cryptos like Bitcoin
- Mining Bitcoin is 3.5 times more expensive than digging up gold
- Bitcoin is up 25% in 10 days. Here’s what it’ll do now
- The Bitcoin price just reached a new 2022 high. Here’s why
- Why this lesser-known crypto left Bitcoin in the dust this week
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Bitcoin. The Motley Fool Australia owns and has recommended Bitcoin. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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