Bitcoin reached fresh 35-month highs above $18,400 during the European trading hours. The cryptocurrency has failed to keep gains above $18,000 in the previous two trading days. It will be interesting to see if prices establish a foothold above that level on Friday.
“The market showed a lot of resilience and dip buying interest to shake off any immediate questions about the sustainability of the recent upside. So much so, that bitcoin has moved back above the $18,000 level and remains on track to retest the highs from earlier on in the week,” Denis Vinokourov, head of research at the London-based prime brokerage Bequant said.
Other cryptocurrencies also rallied, with ether penetrating the psychological hurdle of $500 for the first time since July 2018.
In traditional markets, European stocks advanced, ignoring the fading prospect of additional U.S. fiscal stimulus and rising coronavirus crises. U.S. stock futures, however, dropped and gold eked out gains as the