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Bitcoin Surges to 2-Week High as Crypto Stocks Rally, Indicating Positive Market Momentum

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Bitcoin Surges After Recent Lull: A Positive Turn for the Cryptocurrency

Bitcoin Surges After Recent Lull: A Positive Turn for the Cryptocurrency


Bitcoin may be turning a corner after a lull that just saw it fall below $25,000 for the first time in three months.

Bitcoin’s Recent Performance

  • The cryptocurrency hit a two-week high of about $26,700 on Thursday before paring back gains.
  • The coin was trading up about 1%, at $26,500, on Thursday afternoon.
  • The second-most-popular cryptocurrency, Ethereum, was up nearly 2% to $1,600.

Reasons for Bitcoin’s Surge

Bitcoin’s surge comes after investor uneasiness pushed the coin’s price below the $25,000 level earlier this week.

  • Fears that a major crypto selloff from the FTX bankruptcy estate could depress prices pushed Bitcoin to multi-month lows.
  • Those fears now appear to be subsiding, despite FTX receiving court approval to begin offloading its $3.4 billion crypto portfolio on Wednesday.

Positive Impact on Crypto-related Stocks

Crypto-related stocks also rallied on Thursday:

  • Bitcoin mining companies Riot Platforms and Marathon Digital notched intraday gains of 7% and 2%, respectively.
  • U.S-based crypto exchange Coinbase also jumped just over 3%.
  • Bitcoin-holding Microstrategy advanced 2.6%.

September’s Historical Performance

The Thursday rally stands in stark contrast to a history of monthly setbacks in September for both stocks and Bitcoin.

  • Since 2013, the cryptocurrency has only twice recorded positive monthly returns in September.
  • Bitcoin is still down from the $30,000 level where it held mostly steady for about two months earlier this year.

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