Cryptocurrencies rose Wednesday as investors continued to grapple with the market’s summer doldrums.
The crypto market move higher coincided with gains in the major stock averages. Crypto assets spiked more sharply around noon ET, though it's unclear what exactly could have caused the sharp move.Sign up for NBC Philadelphia newsletters.
"You're probably going to see some wild moves up and down as bitcoin tries to march back to $30,000," said Callie Cox, analyst at investing firm eToro."Add in summer trading volumes, and you have a recipe for day-to-day volatility. Bitcoin prices have been more resilient today on hopes for lower rates, and a few hours of stable trading could have been enough to bring buyers back in.
Crypto has been suffering since the spring from low liquidity and thin trading volumes, which has exacerbated moves on both the upside and the downside. This has been especially true throughout the seasonally sleepy month of August.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Amazon’s Best-Selling Hair Growth Products Include a $26 Alyssa Milano-Used TreatmentAmazon is overflowing with hair growth products, and these are the six picks shoppers love most. Shop best-selling hair treatments from Pura D’or, Mielle, Nioxin, and more starting at just $9.
Read more »
Ferrari F8 Spider Gets Scratched By Tricycle, Driver Asks $26 For CompensationThe Italian supercar was reportedly a rental so its driver will need to cover the cost of the repairs
Read more »
S&P 500: Should You Be Buying This Bounce?Stocks Analysis by Jani Ziedins covering: S&P 500, iShares Core S&P 500 ETF, SPDR® S&P 500, S&P 500 Futures. Read Jani Ziedins's latest article on Investing.com
Read more »
Jackson Hole: 3 Major Reasons Why Fed Chair Powell Will Remain Hawkish This WeekMarket Overview Analysis by Investing.com (Jesse Cohen) covering: S&P 500, iShares Core S&P 500 ETF, SPDR® S&P 500, S&P 500 Futures. Read Investing.com (Jesse Cohen)'s latest article on Investing.com
Read more »
Thailand’s New Pro-Crypto Prime Minister Was an Active Crypto InvestorThe resolution of political drama and appointment of Srettha Thavisin as Thailand’s next Prime Minister means a 10,000 THB ‘airdrop’ is likely happening.
Read more »
Binance.US turns to crypto startup MoonPay after U.S. banks sever ties: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Diffuse CEO Kenny Estes weighs in on what could have caused bitcoin's big drop last week and describes the opportunities for investors amid the current environment.
Read more »