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cryptocurrency Rebound from sharp sell-off earlier in the week Bitcoin It topped $60,000 Thursday night.
The price of the flagship cryptocurrency recently rose 11% to $61,232.36, surpassing the $55,000 floor that has supported it for much of the year, according to Coin Metrics.
Ethereum rose 12% to $2,644.90 on Wednesday, leading losses in cryptocurrencies and related stocks. Both coins remain on pace for weekly losses.
Bitcoin, 1 month
shares Coin library and micro strategy rose 7.5% and 9% respectively. Both were higher in after-hours trading.
The market is trying to find its footing after this Monday’s plungeThe unwinding of the yen carry trade deleveraged markets, while U.S. Treasury yields rose on recession fears. Bitcoin briefly fell below $50,000 after trading close to $70,000 the previous week. However, worries began late last week as the July jobs report was weaker than expected.
“Macroeconomics will dominate the next month or two,” said Bitwise Asset Management analyst Ryan Rasmussen. “From escalating tensions in the Middle East, to the collapse of the yen carry trade, to fears of a U.S. recession, Everybody is worried about that and when the next shoe will drop.”
August is always Expect a volatile month for trading for cryptocurrencies. Rasmussen said that until these concerns subside, most institutional investors are likely to prioritize their stock portfolios over the 1% to 5% allocated to cryptocurrencies.
Chris Kline, co-founder and chief operating officer of Bitcoin IRA, said: “A variety of forces and reactions are causing the cryptocurrency market to rebound sideways.” “Cryptocurrencies continue to feel discomfort, mainly because investors are taking a wait-and-see approach to whether the Federal Reserve will cut interest rates. , and whether the recent correction is just a blip or raises more concerns.
Bitcoin is up nearly 44% this year.
