Cryptocurrencies experienced a rebound after recent losses, with Bitcoin surging to $26,500. The market’s recovery coincides with anticipation of the Federal Reserve’s Jackson Hole meeting. Ethereum also gained momentum, and other top non-stablecoin cryptos recorded gains, indicating a possibility of a next crypto bull run. Wall Street’s rally further influenced the positive trend.
Bitcoin Reclaims $26,500 as Crypto Bounces Back
Bitcoin displayed a robust comeback, reaching the $26,500 range after a recent dip. The cryptocurrency posted its most significant single-day gain in six weeks on Wednesday. Ethereum followed suit, challenging the $1,700 resistance level. Leading non-stablecoin cryptos showed upward movement, too, mirroring gains in the U.S. equity market. Economic data helped alleviate inflation and rate hike worries.
Cryptos Benefiting from Wall Street Upsurge
Bitcoin surged by 2.23% in the past 24 hours, reaching $26,510.04 by 07:20 a.m. in Hong Kong. However, it recorded an 8.11% weekly loss. The rally coincided with a Wall Street surge, as the S&P 500 and Nasdaq Composite gained over 1%. Positive economic activity data for August suggests the Fed might halt interest rate hikes, benefiting the crypto market.
Next Crypto Bull Run Expected Amid Bitcoin and Ether Gains
Bitcoin’s rise to $26,500 came alongside the S&P 500 and Nasdaq Composite’s ascent. A potential slowdown in consumer spending might lead the Fed to pause interest rate increases, favouring the crypto market. CoinGlass data indicated increased Bitcoin liquidations, hinting at improved investor sentiment. Ether also advanced, gaining 3.04% to $1,681.25.
Solana Pay Partners with Shopify for Crypto Payments
Solana’s SOL token surged by 5.35% to $21.61, although it remained down 5.23% for the week. Solana Pay’s partnership with Shopify allows users to transact using USDC stablecoin without intermediary fees. The protocol may add more payment options in the future. The total crypto market capitalization bounced back by 2.53% to $1.07 trillion, with higher trading volume.
