push back towards US$30 000 and smaller digital tokens rallied as a broad renewal in risk appetite prompted investors to downplay a widening regulatory crackdown.
The oldest cryptocurrency gained as much as 5.2% to $28 812 as of 12.06pm in New York. Bitcoin traded just under $29 000 on Wednesday until theraised rates as expected. The token, which hasn’t traded at $30 000 since last June, has jumped about 70% this year. Coinbase Global disclosed on Wednesday that it received a notice from the Securities and Exchange Commission formally declaring the regulator’s plans to bring an enforcement action against the largest crypto exchange in the US. In a separate action on Wednesday, the SEC sued crypto mogul Justin Sun for allegedly violating securities rules.Among so-called altcoins, cardano jumped 5.3%, avalanche rose 6.3% and litecoin increased 7.7%.
Bitcoin “is basically following the broader markets, digesting the Fed, and basically bringing down some of the damage that was done yesterday”, said Ilan Solot, co-head of digital assets at Marex. “The crypto market seems to have held a similar view to the bond market coming into the Fed meeting that there was an overwhelming likelihood of a 25bps hike and a small likelihood of standing pat,” said Stephane Ouellette, CEO at institutional crypto brokerage firm FRNT Financial.The rebound in crypto follows an overall recovery in the equity market, with the tech-heavy Nasdaq 100 leading gains.
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