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Bitcoin on Thursday hit nearly $81,400, its highest intraday level since May 15.
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Some crypto experts aren’t entirely convinced a bull market has started.
Bitcoin’s back to rallying.
The price of the world’s most well-known cryptocurrency retook $81,000—a level it’s been toeing for weeks—on Thursday, surging alongside major stock indexes. Risk assets appear to be getting a boost from Federal Reserve Governor Christopher Waller’s comment at a Reuters event that he’d support holding rates steady at the central bank’s upcoming meeting—assuming August inflation data continued progress seen in June and July.
Traders placed slightly higher odds, or roughly 50%, that the Federal Reserve would leave its target rate untouched at its meeting later this month, up from 40% yesterday
Crypto markets flashed green following Waller’s comments, with bitcoin surging from overnight lows below $77,000. The cryptocurrency briefly touched nearly $81,400, its highest intraday level since May 15.
Though bitcoin has trailed U.S. stock benchmarks for much of the year, its climb over the past three weeks has helped narrow the performance gap. Bitcoin is now down just 7% year-to-date, while the S&P 500 has gained more than 10% over the same period.
Some crypto experts say it’s too soon to call it a bull market. “My base case is that Bitcoin may have formed an important local bottom, but the cycle turn remains unconfirmed,” Nicolai Søndergaard, Senior Research Analyst at Nansen, said in an emailed comment yesterday.
Meanwhile, the boost in bitcoin prices Thursday aided crypto-linked stocks, with Robinhood (HOOD), Strategy (MSTR), and Coinbase (COIN) notching double-digit gains.
Read the original article on Investopedia
Source: finance.yahoo.com