Bitcoin’s Price Jumps Above $43,000. Shiba Inu Leads a Surge in Meme Tokens.
Text size
Bitcoin
moved above $43,000, and
Shiba Inu
was leading a surge in meme tokens on Monday as a strong U.S. jobs report lifted overall market sentiment.
Bitcoin, the world’s largest cryptocurrency, has risen 4.3% over the past 24 hours to $43,241. It rose above its 50-day moving average for the first time in more than two months, according to Bloomberg.
Ether,
the second-largest digital currency, has risen 4% over the past 24 hours to $3,111, according to CoinDesk. Over the weekend, Ether, the token underpinning the Ethereum blockchain network, crossed $3,000 for the first time in about two weeks.
Shiba Inu, the popular “meme” token, has gained 24.5% over the past 24 hours to $0.000028. It has declined more than 16.1% year to date.
Dogecoin
was up 8.3% to $0.158511.
Marcus Sotiriou, an analyst at U.K.-based digital asset broker GlobalBlock, said Monday that the positive reaction to the jobs report, despite giving the Federal Reserve more reason to raise interest rates, “ignited a bounce for the crypto markets too.”
Sotiriou noted how Bitcoin “managed to overcome the downtrend dating back to the all-time-high—$270 million of short positions were liquidated leading to a bit of a “short squeeze.’”
Bitcoin’s all-time high of $68,990 was reached in early November. The digital currency fell to as low as $33,000 in January.
Sotiriou said Bitcoin faces strong resistance at $44,000-$45,000, “with uncertainty in the stock market remaining.”
The
S&P 500
was rising 0.2% on Monday, and the
Nasdaq Composite
was up 0.74%.
The S&P 500 has declined 5.4% in 2022, and the Nasdaq has fallen 9.3%.
Write to Joe Woelfel at [email protected]
Read More: Bitcoin’s Price Jumps Above $43,000. Shiba Inu Leads a Surge in Meme Tokens.