Crypto rally sees Bitcoin flirt with break out of trading range
BNN Bloomberg
A rally in cryptocurrencies Tuesday took Bitcoin closer to breaking out of a one-month-old trading range and ignited big jumps in smaller tokens commonly referred to as altcoins.
The largest virtual coin climbed as much as 6.8 per cent to the cusp of US$23,000, a level it was last at in mid-June, before giving up some gains to trade at US$21,909 at 10 a.m in London. Ether at one point added almost 11 per cent. Solana also achieved a double-digit percentage gain before falling back.
Bitcoin has struggled to escape a US$19,000 to US$22,000 range as investors lick their wounds from a rout sparked by tightening monetary policy and exacerbated by the toppling of crypto lenders and the TerraUSD stablecoin.
A sustained break above could renew the speculative momentum that can grip crypto assets in the blink of an eye. Expectations for Federal Reserve interest-rate hikes are less aggressive now, which may help.
