Bitcoin rose to near the $70,000 level, ending three sessions of losses, as stocks recorded modest gains and overall risk sentiment improved.
Technology stocks led a slight recovery in high-risk asset markets, with the largest cryptocurrency rising more than 8.5% in New York morning trading to around $69,500, its biggest single-day gain since Feb. 6, while Ethereum rose more than 12% to $2,085.
Smaller currencies rose, with “Solana” rising by about 13% and “XRP” (XRP) rising by 7%.
Course change
“This rally likely reflects bullish buying behavior following an extended sell-off, and the tide of events will likely change once Bitcoin reaches $70,000,” said Carolyn Morrone, co-founder of the specialist firm.
Markets showed some recovery after President Donald Trump defended his economic performance in the State of the Union address.
Investors remain wary. On February 6th, Bitcoin fell 13%, its biggest decline in nearly four years. The price of the cryptocurrency has fallen by about 50% since its all-time high of $127,000 in early October last year.
The Bitcoin currency rose, approaching the $70,000 level, ending three sessions of losses, as stock prices recorded modest gains and overall risk sentiment improved.
The largest cryptocurrency rose more than 8.5% to about $69,500 in morning trading in New York, its biggest single-day gain since February 6 of this year, as technology stocks led a slight recovery in risky asset markets. Ethereum also rose more than 12% to $2,085.
Smaller cryptocurrencies rose, with Solana up nearly 13% and XRP up 7%.
Of course change
“This rally likely reflects buying activity on the bullshit after a long period of decline, and if Bitcoin reaches $70,000, the tide of events will change,” said Caroline Moron, a partner at a specialist firm.
Markets recovered slightly after President Donald Trump’s State of the Union address defending his economic performance.
Investors remain wary. On February 6th, “Bitcoin” fell by 13%, the largest drop in about four years. The price of the cryptocurrency has fallen by about 50% since its all-time high of $127,000 in early October last year.
