A bounce is a welcome sight to the cryptocurrency bulls on Monday’s bounce, especially as the sector failed to rally last week along with publicly traded technology stocks.
Driven by global investors as Asian and European equity markets climbed, Bitcoin (BTC) escalate almost 7%, breaking the $31,000 mark
“Bitcoin broke above $30,000, but it needs to hold the $29,300 level on a retest to suggest continuation to the upside,” Marcus Sotiriou, analyst at digital asset broker GlobalBlock said in a note Monday. “Relief has been long overdue in the crypto market, as the U.S. stock market already rallied last week, after Jerome Powell’s speech that gave the market clarity on their plans to carry out a soft economic landing.”
Meanwhile in the latest crypto upsurge, ether (ETH) leaped just over 8% to about $1,940. Cardano (ADA) was a standout among Ethereum alternatives, escalating about 14% to about $0.54.
Cryptocurrencies rallied Monday despite a bump in Asian equities amid reports that major Chinese cities have begun to ease coronavirus restrictions after months of strict lockdowns. A reopening of the economy could spark an increase in consumer spending, which could boost company revenues in the coming weeks and could indicate a bottom for stocks in the region.
