Bitcoin has regained $30,000 after it had fallen to a 24-hour low of $29,100. The cryptocurrency was up 2.5% in the past 24 hours, and ether and other altcoins also rose. Ether rose 1.3% to hold above $2,000. “There is potential for positive momentum in alts now, and the downside risk is limited, as most altcoins are still in limbo; you can think of it as a BTC take-profit and high-beta trade,” Matteo Bottacini, a trader at Crypto Finance AG, wrote in a morning note. Radix, a blockchain built to deploy the XRD token, has rallied 35% in the past 24 hours, and Arbitrum’s ARB gained 10%.

Bitcoin's 24-hour price chart

Coinbase (COIN) CEO Brian Armstrong indicated that the crypto exchange would consider moving away from the U.S. if the regulatory environment for the industry doesn’t become clearer. "Anything is on the table, including relocating or whatever is necessary" he said at a conference in London. "I think the U.S. has the potential to be an important market for crypto, but right now, we are not seeing that regulatory clarity that we need," Armstrong said. "I think in a number of years if we don't see that regulatory clarity emerge in the U.S., we may have to consider investing more elsewhere in the world."

FTX’s collapse was the catalyst for a new bullish cycle in cryptocurrency markets, brokerage firm Bernstein said in a research report Monday. The crypto exchange’s demise cleaned up the final tranche of “toxic crypto leverage” and taught digital-asset investors the importance of decentralization and self-custody wallets, Bernstein said. Macro catalysts are aligning for bitcoin, the world’s largest cryptocurrency by market cap, the note added, with continued weakness in U.S. regional banks and further deposit outflows toward money market funds and the big four U.S. banks all reflecting concerns around the “centralization of money.”

A lesser-known but historically reliable bitcoin price indicator has flipped positive, signaling the onset of a major bull market.

Bitcoin's reserve risk multiple has crossed above zero, turning positive for the first time since October 2021, according to blockchain analytics firm Glassnode.

The previous crossovers above zero paved the way for parabolic price rallies. "In 2012, 2013, 2015, 2019 and 2020, it resulted in gains of 2,830%, 566%, 6,400%, 99%, and 487%, respectively," on-chain analyst Ali Martinez tweeted Monday.

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– Omkar Godbole

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