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Bitcoin records its biggest gain in 6 weeks

 Bitcoin records its biggest gain in 6 weeks

Bitcoin recorded its biggest gain in about 6 weeks amid growing optimism that central banks will pause interest rate hikes, a process that has helped dampen the appeal of cryptocurrencies.

The digital currency rose as much as 3.6% to $26,794 on Wednesday, the biggest one-day jump since July 13. The increase follows the worst week for cryptocurrency since November, and the collapse of cryptocurrency exchange FTX.

Smaller cryptocurrencies such as Cardano, Solana and Polygon have rallied even further. Altcoins tend to be more volatile than Bitcoin, which accounts for about half of the trillion-dollar cryptocurrency market value.

Bitcoin's rebound came as stocks rose the most since June and bond yields fell. Reports in both the US and Europe have fueled bets that central banks will stop raising interest rates to prevent a recession.

and about

Alternative cryptocurrencies are climbing again, and “Bitcoin” is near $ 30,000

The rise came after a court ruling deemed the "XRP" cryptocurrency not a security when it was offered to individuals on stock exchanges

Smaller and lesser-known digital tokens such as Solana and Cardano have resumed the rally that began last week after a court ruling deemed in favor of the cryptocurrency industry.

XRP led the gains again, nearly doubling last Thursday after a federal judge said the token did not qualify as a security when it went public on exchanges. The token rose about 12% to 85 cents on Wednesday amid speculation that Ripple Labs may reach a settlement over its long-running XRP dispute with the US Securities and Exchange Commission.

bitcoin stability

Bitcoin, which accounts for almost half the value of the $1.2 trillion crypto market, was unchanged at $29,934 as of 5 pm yesterday in New York. It is now trading in a narrow range around $30,000 since it reached its highest levels this year at $31,818 on July 13.

Aaron Brown, a cryptocurrency investor writing for Bloomberg Opinion, notes, “This is a partial reversal of Q2 performance, with Bitcoin rising and altcoins falling. It may just be a shift in the opinion that altcoins will survive and carve out a stable regulatory position."

Cryptocurrencies rise after the ruling of “Ripple” .. and “XRP” jumps 37%

Altcoins fell in the second quarter due to a growing list of currencies that the Securities and Exchange Commission considers unregistered securities, a classification that could make trading these assets more difficult. Bitcoin did not suffer a similar fate, rising 7% over the same period, because US officials view it as a commodity.


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