Leading cryptocurrencies surged on Tuesday, matching the upswing in the stock market, as investors’ confidence in risky asset classes grew.
Cryptocurrency
Gains +/-
Price (Recorded at 9:30 p.m. EDT)
Bitcoin (CRYPTO: BTC)
+2.56%
$64,439.73
Ethereum (CRYPTO: ETH)
+1.21%
$2,652.72
Dogecoin (CRYPTO: DOGE)
+3.21%
$0.1106
What Happened: Bitcoin, the market bellwether, swung to highs of $64,700 Tuesday overnight, a level unseen since Aug. 2. The leading cryptocurrency trended upward throughout U.S. trading hours.
Ethereum continued to chop in the $2,600 zone, awaiting a decisive breakout to the $2,700 region. That said, the second-largest cryptocurrency has outperformed Bitcoin in returns since the Federal Reserve’s aggressive rate cut last week.
Total cryptocurrency liquidations reached $111 million in the last 24 hours, with $71 million in downside bets getting wiped out.
The rally resulted in a 3% spike in Bitcoin’s Open Interest, signaling high speculative interest …
Full story available on Benzinga.com