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Bitcoin (BTC-USD) bounced off its summer lows in Wednesday mid-afternoon trading as investors’ appetite for riskier assets improved.
The original cryptocurrency climbed 2.8% to $26.5K at 4:07 p.m. ET, after reaching as low as $25.6K in the previous session, though it’s still down 10.6% over the last month as the notion that interest rates will stay higher for longer — along with other hurdles — weighs on the crypto market.
Ethereum (ETH-USD), the largest altcoin by market cap, also made a partial comeback, advancing 3.4% to $1.68K. Elsewhere in the cryptosphere, Near Protocol’s NEAR (NEAR-USD) extended its intraday gains to 8.5% a day after crypto exchange Nexo said it integrated the token on its platform.
The upswings, against a backdrop of low liquidity and trading volumes, coincided with bullish price action across the major stock averages that was helped by chip stocks and a retreat in Treasury yields.
Crypto-related stocks, of course, changed hands in the green. MicroStrategy (MSTR) +5.1%, Bitfarms (BITF) +8.6%, Bit Digital (BTBT) +8.7%, Coinbase Global (COIN) +3.9%, Bakkt (BKKT) +5.9% and Marathon Digital (MARA) +7.3% were among some of the biggest winners.
