(Bloomberg) Bitcoin rose again above $40,000 amid a broad rally in financial markets, while the favorite of the day, shiba inu, climbed more than 20%.
Shiba inu and three other tokens — Solana's SOL, Polygon's Matic and Compound's COMP — were first traded on Robinhood Markets Inc.'s platform. Shiba, which is traded at a fraction of a cent of a dollar, was the highest earning currency of the four.
Bitcoin fell below $40,000 on Monday for the first time in more than three weeks. The currency rose 1.2% to $40,315 at 9:41 a.m. Eastern time. Ether was also appreciated and priced at just over $3,000. Some smaller currencies recorded higher increases, with Avalanche rising 6.3% and Cardano advancing 2.7%.
Bitcoin and the cryptocurrency market in general have struggled in recent weeks, when the Federal Reserve began raising rates to combat stubbornly high inflation and geopolitical turmoil affected risk appetite. A report on Tuesday showed that core inflation in the United States rose less than expected in March.
Bitcoin “continues to consolidate in a triangle pattern that dates back to mid-January,” said Jeffrey Halley, senior market analyst at Oanda. “The lower and upper limits today are $36,500 and $47,500,” he said, hinting that bitcoin was within his range.
The correlation of cryptocurrencies with US tech stocks has increased sharply in recent weeks, suggesting that investors increasingly view digital assets as vulnerable to tightening monetary conditions. But, on the contrary, the massive stimulus with which the Fed flooded markets during the covid outbreak propelled Bitcoin to a record high of nearly $69,000 in November.
A break above or below those support or resistance levels could lead to a variation of $18,000 either way, Halley added.
Original Note:
Bitcoin Claims $40,000; Shiba Inu Surges on Robinhood Listing
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