Market Overview

The cryptocurrency market has risen by almost 8% over the past 24 hours to $2.37T, reaching its highest level since early June. The initial momentum came on the back of news that the US Treasury was supporting the debt market. This relatively small but timely move signalled that the government is monitoring the situation in the debt markets, spurring demand for risk assets. The rally was then fuelled by a wave of short-covering, following weeks of extremely narrow trading.

Bitcoin reached $70K, posting a 9% rally over 8 hours during the US trading session. As the new day began, the leading cryptocurrency retreated slightly to $69.6K. On Monday, BTC consolidated above the 50-day moving average, and by Wednesday, it had…