Bitcoin (BTC) spared hodlers the pain of losing $20,000 on June 15 after BTC/USD came dangerously close to last cycle’s high.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin “bottom” fools nobody
In a pause from its sell-off, the pair followed United States equities higher on the Wall Street open, hitting $21,700. The S&P 500 gained 1.4% after the opening bell, while the Nasdaq Composite Index managed 1.6%.
The renewed market strength, commentators said, was thanks to the majority already pricing in outsized key rate hikes by the Federal Reserve, due to be confirmed on the day.
Nonetheless, it was crypto taking the worst hit in the inflationary environment, Bloomberg chief commodity strategist Mike McGlone noted.