Bitcoin tops $30,000 for the first time since June ahead of key inflation data; ether nears $2,000

Bitcoin climbed on Tuesday, topping the key psychological level of $30,000 as investors awaited key inflation data later in the week that could steer crypto prices.

The largest cryptocurrency by market cap was last higher by more than 3% $30,237.42, according to Coin Metrics. Earlier in the day it rose as high as $30,432.83. On Monday night it climbed 7% Monday night to break through the $30,000 level for the first time since June.

Ether advanced more than 1.5% to $1,922.06 as investors awaited the Ethereum network’s latest tech upgrade, scheduled for Wednesday. Earlier, it rose to $1,937.03, its highest level in a year.

Now that bitcoin has touched $30,000, a move into the mid- to high-30s will be “likely” if it pushes through with conviction and would “force short speculators to cover and buy instead,” said James Lavish, managing partner at the Bitcoin Opportunity Fund. “Some investors are trying to get positioned ahead of that,” he said.