Bitcoin rides stock rally to hit highest level in over a week
BNN Bloomberg
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 per cent to hit above US$21,500 in afternoon trading in New York -- the first time it’s crossed the US$21,000 mark this month. Crypto-linked equities, which tend to trade in tandem with Bitcoin, also rallied. Coinbase jumped more than 10 per cent, while miner Riot Blockchain jumped as much as 15.45 per cent, its highest intraday gain since June 21. Ether jumped 8 per cent to as high as US$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 per cent year-to-date amid monetary tightening and a string of recent liquidations in the crypto market.
