In early trade as of writing this copy, cryptocurrency market's market cap stood at $1.63 trillion, on gains in the crypto prices. Of all the 20 top cryptos list, listed on Coindesk, a blockchain news outlet, Chainlink gained the most by over 13%, while bitcoin was close to $42k -an almost 2 month high, with a 24 hour positive change of close to 5 percent. On a weekly basis, the gains in Bitcoin have been to the tune of 25%.
Negative news around cryptos this time could not take the digital currency downward. Notably, in Malaysia, the crackdown against Binance crypto trading platform has deepened and investors there have been asked to take their money out.
With price of Bitcoin now trading above $40K mark there is seen bullish sentiment again making inroads after two months of consolidation phase above the $30,000 support level. Grider, a strategist at FundStrat, wrote in a Thursday newsletter that bitcoin's spike could be seen as a flight to safety from Chinese investors looking to "get out at any cost," given the recent sell-off in Asian equities. "Bitcoin could have been trading as a proxy tool for investors looking for a hedge," Grider added.
Note in April this year, bitcoin hit an all time high price of sub $65000 mark.