Bitcoin jumped 10% to $ 40,000 for the first time in two weeks Crypto news

The world’s largest cryptocurrency has risen in more than three months.

from Bloomberg

Bitcoin has won the most in more than three months as investors show signs of renewed appetite for risk after a volatile week in the financial markets.

The largest cryptocurrency by market value jumped as much as 9.4% to $ 40,426, the most since October 15. It hasn’t exceeded $ 40,000 in more than two weeks. Ether rose by as much as 11%. Even SOL, the local currency of the Solana blockchain, which collapsed after hacking the Wormhole project, rose about 10 percent.

Bitcoin breaks a key resistance on the trend line with $ 40,000 coming into focus

The best cryptocurrencies began to grow overnight trading after strong profits from Inc. have boosted confidence in technology stocks, which digital tokens have largely tracked in recent months.

Meanwhile, a report shows that American employers extended employment last month despite a record jump in Covid-19 and related closures, with rising wages adding to pressure on the Federal Reserve to raise interest rates.

“The fact that AMZN’s profits are following the path of AAPL, MSFT and GOOGL – rather than FB – has given investors more confidence to re-engage in risk trading,” said Matt Mali, chief market strategist at Miller Tabak + Co. ., said.

Stefan Wellett, CEO and co-founder of the institutional crypto platform FRNT Financial, said bitcoin seems to be consolidating in a similar way as stocks around the 200-day moving average. In the last two days, bitcoin correlated with the decline on Facebook, and on Friday with the profit of Amazon, according to Ouellette.

“Despite today’s move from a technical point of view, I don’t think we can start saying something final until at least a final break beyond $ 40,000 to $ 41,000,” he said.

Major cryptocurrencies have largely been trapped in the past few weeks after experiencing widespread declines in January. Their fight to explode came as growth stocks and other riskier assets fell amid investor concerns about the impact of the Fed’s impending rise in interest rates and the trend toward tighter monetary policy around the world.

“Although there have been concerns about accelerating monetary policy, many capital markets now feel that raising the interest rate by 50 basis points is determined by recent stock market movements,” said Hayden Hughes, CEO of Alpha. Impact, a trading company. social media platform. He also cites the recovery of $ 320 million from Wormhole hacking and oversold technical levels to boost mood.

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