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Bitcoin adds it to the risk-on that characterizes the markets today and brings the psychological threshold of 50,000 dollars closer. The largest cryptocurrency by market value marks + 5.65% to $ 48,670, the largest intraday increase since November 18 (Bloomberg data). Over the past five weeks, bitcoin had slid back about 30% after setting a record high of nearly $ 69,000 in early November. “Bitcoin’s 2% gain yesterday on the day the S&P 500 fell 1% solidifies the cryptocurrency’s recent low of around $ 45,000 as key support,” notes Mike McGlone, commodity strategist for Bloomberg Intelligence.
The other major cryptocurrencies also performed well with ethereum back above $ 4,000 thanks to a rise of around 5%.