Bitcoin surges 6% to top $20,000, its highest level in more than a week, even as stocks hit 2022 lows
Bitcoin topped $20,000 on Tuesday, hitting its highest level in the more than a week, but is still struggling to break out of its tight trading range.
The world’s largest cryptocurrency was more than 6% higher at $20,306.55 at around 9:01 a.m. ET, according to data from CoinDesk.
Bitcoin’s rally lifted the broader cryptocurrency market. Ether was up around 6% at $1,391.66.
Still, bitcoin has struggled for direction, trading between $18,000 and $25,000 since mid-June after a crash saw nearly $2 trillion wiped off the entire crypto market since its peak in November.
That market decline was driven by interest rate rises from central banks aimed a controlling rampant inflation as well as a wave of bankruptcies and insolvency issues that filtered through the crypto industry.