Home / Markets / Cryptocurrency /  Crypto prices today: Bitcoin posts longest rally since Sept; Shiba Inu surges

Bitcoin rose for a fifth consecutive day, the longest winning streak since September, as investors re-embrace risk assets across global markets.   

The largest cryptocurrency by market value gained as much as 3.2% to $43,017. XRP jumped as much as 16% as so-called alt coins rallied more. Shiba Inu led memecoins higher, surging 24%, according to CoinMarketCap. 

Global markets have been whipsawed in recent weeks as investors contemplate the prospects of rapid monetary tightening. After reaching a record high of almost $69,000 in early November, Bitcoin lost as much as 50% of its value in what has been called a “crypto winter."

“On a fundamental level little has changed for Bitcoin since last Friday, so we could be seeing a short squeeze in the market," said Nathan Batchelor, lead Bitcoin analyst for SIMETRI Research. “A quick glance at the order book data shows that the market is still positioned short, so a break above the $43,000 level could cause the current up move to target towards the $45,000 level."

A strengthening relationship between Bitcoin and the stock indices has emerged in recent months, particularly with the technology heavy Nasdaq 100 index. The correlation between the Nasdaq and Bitcoin currently stands at 0.43.

World equities wobble

Stock indexes around the globe traded mixed despite strong Amazon earnings and upbeat economic data on Friday, while gold prices slipped under pressure from a firmer dollar and higher U.S. Treasury yields, potentially bolstering the case for Federal Reserve rate hikes.

Earlier in the session, a sell-off in bonds briefly pushed Germany's 5-year yield positive for the first time in four years after the European Central Bank was more hawkish than expected.

Asian equities held firm overnight after better-than-expected earnings from Amazon, in contrast to the heavy selling on Thursday following Facebook owner Meta Platforms' earnings miss.

The pan-European STOXX 600 index lost 1.38% and MSCI's gauge of stocks across the globe gained 0.77%.

On Wall Street, U.S. stocks rose after trading mixed earlier. U.S. government bond yields moved up amid the positive jobs data and better earnings.

"So much for the good news from Amazon - today’s jobs data puts 50 basis points back on the table for the Fed’s March meeting," said John Lynch, chief investment officer for North Carolina-based Comerica Wealth Management.

The Dow Jones Industrial Average rose 0.4% and the S&P 500 gained 1.14%. The Nasdaq Composite added 2.25%.

Know your inner investor Do you have the nerves of steel or do you get insomniac over your investments? Let’s define your investment approach.
Take the test
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout