Bitcoin posts surprise rally as currency nears $70,000 for the first time since June
Bitcoin has found some relief after months of selling pressure. On Wednesday, the cryptocurrency jumped nearly 6% to over $69,000, reclaiming a level it had not touched since early June.
Reported by 1 outlet — Fortune. See all sources ↓
Bitcoin has found some relief after months of selling pressure. On Wednesday, the cryptocurrency jumped nearly 6% to over $69,000, reclaiming a level it had not touched since early June. The jump came right after the Treasury Department announced that it would double purchases of older long-term government bonds. “The market read this as a quiet form of quantitative easing, a move that weakens the dollar and sends scarce, debasement-hedge assets like Bitcoin higher,” Matt Mena, a senior strategist at crypto research firm 21Shares, told Fortune in a written statement.
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Why it matters
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- What's the story?
- Bitcoin has found some relief after months of selling pressure. On Wednesday, the cryptocurrency jumped nearly 6% to over $69,000, reclaiming a level it had not touched since early June.
- How widely is it covered?
- 1 outlet, average source rating 6.0/10.
- When was it last updated?
- just now ago.
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Bitcoin posts surprise rally as currency nears $70,000 for the first time since June
Sources1TypeCoverageFortune