Bitcoin may be reaching an inflection point after a lull in which it fell below $25,000 for the first time in three months.
The cryptocurrency hit a two-week high of around $26,700 on Thursday before giving up gains. The coin was trading around 1% higher at $26,500 on Thursday afternoon. Ethereum, the second most popular cryptocurrency, rose nearly 2% to $1,600.
Bitcoin prices have soared after investor jitters caused the price to fall below $25,000 earlier this week. Bitcoin fell to multi-month lows amid concerns that a massive cryptocurrency sell-off from the FTX bankruptcy estate could drive prices down.Although these concerns now appear to be receding FTX gets court approval On Wednesday it began selling its $3.4 billion cryptocurrency portfolio.
Cryptocurrency-related stocks also rose on Thursday, with Bitcoin mining companies Riot Platforms and Marathon Digital up 7% and 2%, respectively. U.S. cryptocurrency exchange Coinbase also rose more than 3%, while Bitcoin holder Microstrategy rose 2.6%.
Thursday’s gains contrast with the monthly decline history for stocks and Bitcoin in September. The cryptocurrency has posted positive monthly returns in September only twice since 2013. Bitcoin remains below the $30,000 level, where it remained largely stable for about two months earlier this year.
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