Cryptocurrencies moved higher, mirroring wider markets, with traders eagerly awaiting the European Central Banks’ (ECB) monetary policy decision.
Bitcoin increased 2.89% to US$41,265, clawing back some of the almost 6% losses suffered earlier in the week. The largest coin by market value had briefly dipped below the key resistance level of US$40,000 yesterday.
Ethereum was up 1.64% to US$3,106, reaching its highest level since the start of the week.
The tech-heavy US Nasdaq closed 2%, higher yesterday at 13,643 points, while the Hang Seng in Hong Kong is currently up 193 points, just shy of 1%, to 21,568.
Cryptocurrencies tend to follow the movements of these tech-laden indices.
According to Naeem Aslam, a market analyst at Avatrade, “crypto traders will be looking at the ECB’s monetary policy decision and its stance on inflation."
“When it comes to Bitcoin, inflation is the big story and for now, it is very clear that inflation has the upper hand.”
“Nonetheless, we expect the Bitcoin price to be highly volatile as the ECB takes the stage today.”
Some of the other movers include Solana, which was up 2.24% to US$106,48, Terra, which climbed 3.12% to US$88.64 and Avalanche, rising 4.5% to US$80.96.