Bitcoin rode a wave of risk-on momentum Thursday to hit its highest level in more than a week as recent economic data eased trader concerns that inflation will be too hot to tame.
The world’s largest cryptocurrency by market capitalization jumped more than 5% to hit above $21,500 in afternoon trading in New York -- the first time it’s crossed the $21,000 mark this month. Crypto-linked equities, which tend to trade in tandem with Bitcoin, also rallied. Coinbase jumped more than 10%, while miner Riot Blockchain jumped as much as 15.45%, its highest intraday gain since June 21. Ether jumped 8% to as high as $1,253.
A stock market rally that’s seen the S&P 500 up for the fourth straight day provided some much-needed relief for the battered cryptocurrency, which has fallen more than 50% year-to-date amid monetary tightening and a string of recent liquidations in the crypto market.
“Risk markets are up across the board based on the latest jobs claims numbers so it’s not surprising...
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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...