Bitcoin has briefly spiked to over $41,000 for the first time in a week and is now trading above its recent narrow range. Risk assets are rebounding worldwide.
The largest digital asset by market value jumped as much as 5.7% to $41,691 before pulling back in early New York trading.
Bitcoin is down about 12% this year. Other tokens such as Ether and Solana have also gotten a lift. Stocks rose, with Chinese stocks rallying on Beijing’s pledge to boost financial markets.
On the other hand, ethereum also has a coin called ether. The price of this increased as well- it went up by 5%. Dogecoin’s value also rose over 2% to $0.114854 whereas Shiba Inu is at $0.00002211 which is up by 2.4%.
At the same time, the global cryptocurrency market capitalization has risen to $1.87 trillion even though it remains below the $2 trillion mark, as per CoinGecko.
Crypto currency has been affected by the same concerns that have harmed other high-risk assets this year, including stocks in America. Investors are worried about an economic slowdown amid rising commodity prices due to war in Ukraine.