Cryptocurrency markets have experienced a rally, reflecting the gain in U.S. stocks, following encouraging data about the American economy's strength.
Cryptocurrency markets have experienced a rally, reflecting the gain in U.S. stocks, following encouraging data about the American economy's strength. This boost comes as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) saw significant gains, with smaller digital coins also seeing impressive jumps.
According to CoinMarketCap data, Bitcoin's price surged above $62,000, marking an 8% rise over the past 24 hours. Ethereum saw an even larger increase, climbing 9% to $2,673. Meanwhile, Solana rose to $158, up 2.3% since yesterday.
Earlier in the week, digital assets faced a downturn after a jobs report raised fears of a potential U.S. recession, triggering a sell-off on Wall Street. Additionally, the Japanese yen's strengthening against the U.S. dollar led investors to offload risky assets, including cryptocurrencies.
However, investor sentiment improved after Thursday's data showed a decrease in unemployment benefit filings, easing recession concerns. This news spurred a rally in stocks, with the S&P 500 and Nasdaq gaining 2% and nearly 3%, respectively.
Other cryptocurrencies also enjoyed gains. Dogecoin rose nearly 7% to $0.1028, while Toncoin surged 15% to $6.19. XRP emerged as the biggest winner, climbing 26% to $0.63 following a favorable court ruling. A judge ordered Ripple, the company behind XRP, to pay a $125 million fine to the Securities and Exchange Commission (SEC), significantly less than the $2 billion the SEC had sought.
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