Bitcoin rallied to a two-week high as a risk-on sentiment returned following selloffs in more speculative corners of the financial market.
The digital asset rose as much as 5.7% before trimming some gains to trade at US$53,747 ($72,365.7) as of 1.02 p.m. in New York. Ether, the world’s second largest cryptocurrency, jumped as much as 3.8%. The gains mirror broader risk-on optimism, with the Nasdaq 100 Index recovering from a decline Monday that pushed the tech index to a so-called correction level.
“We feel that it is more of a ‘risk-on/risk-off’ play,” Matt Maley, chief market strategist at Miller Tabak + Co. said in a note Tuesday.
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