Bitcoin Advances to Highest Since November as Risk Assets Rally

Bitcoin rose to a more than one-month high and broke through a closely watched technical level as digital assets began to catch up with gains in stocks and precious metals, Suvashree Ghosh and Sidharta Shukla reported for Bloomberg News.

Bitcoin’s advance came as gold, silver, and equities gained while markets digested the arrest of Venezuelan President Nicolas Maduro.

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The largest cryptocurrency climbed as much as 3.9% at one point this week and traded at around $94,000 as of 4:32 p.m. in New York, after reaching its highest level since Nov. 17. Ether also edged higher.

Bitcoin’s advance came as gold, silver, and equities gained while markets digested the arrest of Venezuelan President Nicolas Maduro.

Bitcoin surpassed its 50-day moving average for the first time since a crypto market crash began in early October, one of several indicators suggesting prices are on firmer footing.

The token is up about 7% so far this year.

The arrest of Maduro has sparked fresh speculation about state-linked crypto holdings.

In a note, Singapore-based crypto options firm QCP cited market chatter about a potential Venezuelan “shadow” Bitcoin reserve as a financial workaround, while cautioning against overinterpreting such claims.

“The less tidy part is the chatter around a potential Venezuelan ‘shadow’ BTC reserve. With disinformation already swirling, treat reserve headlines with caution. Still, the strategic frame is hard to ignore: if any seized coins are retained, not liquidated, it tightens the market’s sovereign-accumulation narrative,” the firm wrote.