Bitcoin BTCUSD +2.72% prices have consolidated above a key level as most cryptocurrencies rose on Thursday, helped along by slow but steady gains in the stock market.
The price of Bitcoin rose 2% over the past 24 hours to above $20,500, having reclaimed the $20,000 mark on Wednesday after falling through it a week ago. The largest digital asset is trading at less than one-third its all-time high near $69,000, reached in November 2021, but is now well above its $18,000 bottom that was hit during the trough of a selloff in mid-June.
“Bitcoin has clung to the $20,500 region, although it can probably thank its Nasdaq correlation for that,” wrote Jeffrey Halley, an analyst at broker Oanda. “Despite more credit implosions in the crypto space as the reality of concentration risk in a lending portfolio hits home.”
Indeed, crypto holders can thank upbeat action in the stock market for the recent gain in digital assets. While they should theoretically trade independently of mainstream...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...