Dubai: The crypto market pushed higher as efforts to shore up the banking sector and bets that the US may start cutting interest-rates later this year bolstered investor sentiment.
Bitcoin, the largest token, rose as much as 4.9 per cent and was trading at about $25,950 as of 10:25 am in Singapore on Friday. Second-ranked Ether added more than 3 per cent, while smaller tokens like Solana and Polkadot also jumped.
“Any sign of interest-rate cuts should push funds to riskier assets, which is likely to be enough to bring more institutional funds into the crypto market, regardless of whether macro traders understand or believe in the longer-term Bitcoin investment thesis,” wrote Noelle Acheson, author of the “Crypto Is Macro Now” newsletter.
Bitcoin has climbed about 57 per cent so far this year and is in touching distance of the highest level since June 2022. But the token remains a long way off its record of $69,000 from November 2021.