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Bitcoin Extends Rally After Biggest Gain in Year
The largest cryptocurrency was higher after jumping 14% on Monday, the biggest gain since February 2021. So far, the price has stopped just shy of $45,000.
By Brian Evans
Updated May 11, 2023, 4:47 p.m. Published Mar 1, 2022, 7:16 p.m.
Bitcoin (BTC) was pushing higher after surging 14% on Monday, the biggest price jump in a year.
The largest cryptocurrency by market capitalization was changing hands at $43,922 at press time.
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Bitcoin’s performance on Monday took the price back to where it stood in early February, well before it became clear that Russia was planning to invade Ukraine.
The risks from a prolonged war prompted many crypto investors to worry that a new cloud over the economy might sap demand for bitcoin. But the market sentiment turned quickly, and now some traders are speculating that the Federal Reserve might soften any plans to tighten monetary policy aggressively.
Fed Chair Jerome Powell is set to address Congress on Wednesday.
- “Fed tightening won’t be severe at the start, and with yields tumbling hard, this should be an attractive time for cryptos,” said Edward Moya, analyst at Oanda.
- Marcus Sotiriou, analyst at GlobalBlock, noted that markets are now seeing a potentially more accommodative Federal Reserve – a key shift given that “major tightening policy was a major catalyst for stocks and crypto to fall over the past few months.”
- Bitcoin is down 8% year to date, gaining ground on gold, seen by many investors in traditional financial markets as a safe haven during times of geopolitical turmoil and reduced risk-taking. Gold is still winning so far in 2022, up 6% on the year.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Bitcoin Faces Japan Rate Hike: Debunking The Yen Carry Trade Unwind Alarms, Real Risk Elsewhere
Speculators maintain net bullish positions in the yen, limiting scope for sudden JPY strength and mass carry unwind.
What to know:
- Impending BOJ rate hike largely priced in; Japanese bond yields near multi-decade highs.
- Speculators maintain net bullish positions in the yen, limiting scope for sudden yen strength.
- BOJ tightening may contribute to sustained upward pressure on global yields, impacting risk sentiment.
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