Bitcoin has rallied amid a broad risk-on mood in global markets, trading above US$22 000 for the first time since 8 June and testing the upper bound of the tight range where it’s been trading for the past month.
The largest cryptocurrency jumped as much as 7% and was trading at $22 370 at 9am in London on Monday. Ether surged 10% and coins like Avalanche and Polygon also posted double-digit gains. Crypto’s advance echoed the bullish mood in equity markets, with Asian and European stocks firmly in the green.
June’s crypto wipeout has given way to a sharp rebound, with ether up 45% this month and Polygon more than doubling. Clouds still hang over the sector, with persistently high inflation expected to trigger monetary tightening across the world and last week’s bankruptcy of crypto lender Celsius Network serving as a fresh reminder of potential contagion. — Philip Lagerkranser, (c) 2022 Bloomberg LP