Cryptos mirrored the global stocks markets and remained relatively flat in trading over the last 24 hours as markets processed the Bank of England’s interest rate hike.
Bitcoin was down 0.02% to US$40,691, staying above the key resistance level of US$40,000 analysts have said would be key to keep an eye out for.
It is the first time in almost two weeks that the coin has managed to stay over that threshold for two consecutive days, a sign positive sentiment is returning.
Ethereum was up slightly by 1.67%, to US$2,798.
Naeem Aslam, a market analyst at AvaTrade, said “things have started to look positive” for Bitcoin in particular.
“However, we need to clear the key resistance of US$50,000, unless that is done, nothing is a done deal,” Aslam added.
The tech-heavy Nasdaq continued its resurgence following what seems like a kneejerk reaction to the US Federal Reserves’ interest rate hike, according to analysts., climbing 178 points, or 1.33%.
There has been further adoption of cryptocurrencies, which is good news for digital tokens.
Ukraine’s President, Volodymyr Zelenskyy, signed a virtual assets bill, legalising crypto in the country as it continues to receive donations in digital form.
In some of the altcoins, Avalanche was up 3.86% to US$79.66, Terra was down 4.35% to US$84.55 and Solana was down 1.49% to US$85.84.