Bitcoin set for biggest weekly gain in nine months

Bitcoin is on course for its best weekly gain since October last year, helped by a return of risk appetite in global markets more broadly.

The largest cryptocurrency by market capitalisation was up more than 13 per cent for the week on Friday morning — and if the move holds that would be the biggest gain for such a span since 2021. As of 11.10am UAE time on Friday, Bitcoin was up 6.98 per cent at $21,767.30.

Other tokens such as Ether, Avalanche and Solana have also had a strong run in recent days, helping to take the overall market value of cryptocurrencies back over $1 trillion, according to CoinGecko data.

Bit Coin

A stocks rally is providing much-needed relief for battered virtual coins amid the positive correlation between the two asset classes. However, Bitcoin remains more than 50 per cent lower in 2022, hurt by monetary tightening and a string of blow-ups in a digital-asset sector that’s still sobering up after binging on leverage.

Read More : https://www.thenationalnews.com/business/cryptocurrencies/2022/07/08/bitcoin-set-for-biggest-weekly-gain-in-nine-months/

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