Bitcoin climbs to highest level since Feb. 5 crash that sent price plunging to $60,000
Optimism over developments in the Middle East sparked a sharp decline in oil prices and rallies across risk markets.
What to know:
- Bitcoin (BTC) rose to just shy of $76,000 in morning U.S. trade on Tuesday, its highest level since the Feb. 5 crash that sent prices plunging to $60,000.
- Optimism over developments in the Middle East sparked a sharp decline in oil prices and rallies across risk markets.
- The next test for the crypto rally comes at current levels, said one analyst.
Crypto-related stocks were higher across the board as well. Strategy (MSTR) was up 7.6, Coinbase (COIN) 6.2%, Circle (CRCL) 11% and Galaxy Digital (GLXY) 8.3%.
Bitcoin miners — most of which have altered their business plans to focus on AI-related data center buildouts — were also making large upside moves, led by the former Bitfarms, now Keel Infrastructure (KEEL), which was up 20.5%. MARA Holdings (MARA) was ahead 5.8% and Hut 8 (HUT) 4.8%.
The broader macro backdrop has also turned more supportive. With the Nasdaq reaching its highest level since early February, ether (ETH) also outperformed bitcoin, underscoring the risk-on tone across markets, said Joel Kruger, market strategist at LMAX Group.
“Overall, the past 24 hours reflect a market that is beginning to show signs of re-engagement,” Kruger said, pointing to improving technicals and broader participation.
