Bitcoin surges above $47,000, turns positive for 2022

Bitcoin surges above $47,000, turns positive for 2022

The price of bitcoin jumped Monday following a slew of bullish developments for the cryptocurrency, even as investors continue to monitor developments in the war in Ukraine and moves by the Federal Reserve. Bitcoin extended gains from a late Sunday rally, when the cryptocurrency broke past the key level of $45,000 and erased its losses for 2022. It last traded more than 6% higher at $47,620.75, according to Coin Metrics. Earlier in the day it touched $47,754.31, its highest level since Jan. 2. The digital currency has been rising since Friday, gaining nearly 7% in that time. While there isn't one particular catalyst for the moves, there have been several bullish developments for bitcoin in the past week alone showing evidence of institutional demand for more exposure to the digital asset. For example, Goldman Sachs last week to trade bitcoin over the counter, and Cowen said it will soon allow institutional clients spot bitcoin trading. Ray Dalio's Bridgewater has also said it's about to make an investment into a crypto fund. "The ongoing capital splash into the digital currency is a sign that investors do not want to take a back seat in a price movement that could push bitcoin