Bitcoin rose above US$19,000 after bouncing around that resistance level for the previous week. BNB led the gains in the top 10 cryptocurrencies by market capitalization, while Ether also increased.
To trade at US$19,419, Bitcoin increased 2.7% over the previous 24 hours after falling below US$19,000 on Wednesday during a general market selloff. Data from CoinMarketCap shows that Ether increased 3.2% to US$1,338.
BNB took the lead, increasing 4.8% to trade at US$283, while Solana increased 4.1% to US$33.54.
The price of XRP fluctuated as a result of a potential summary judgment agreement between the U.S. Securities and Exchange Commission and Ripple Labs Inc., the company that issues XRP, and the U.S. Securities and Exchange Commission and Ripple Labs Inc.
U.S. stocks increased in value on Wednesday. The Nasdaq Composite Index closed 2% higher while the Dow Jones Industrial Average closed up 1.9%, marking gains for the first time in six days. The S&P 500 Index also increased by 2% on the first trading day since the U.S. Federal Reserve declared last week that it would raise interest rates by an additional 75 basis points.
The British pound hit a record low of US$1.03 on Monday, prompting the Bank of England to announce it would purchase an unlimited amount of long-dated bonds to help stabilize the currency. Since then, it has recovered and is currently trading at $1.08. The decline comes after the new U.K. Chancellor Kwasi Kwarteng’s mini-budget was unveiled on Friday, which alarmed markets with plans to cut taxes by £45 billion without corresponding spending reductions.
The budget also alarmed the International Monetary Fund, which took the unusual step of urging the fifth-largest economy in the world to reconsider the proposal in light of the nation’s 9.9%, a 40-year high, inflation rate.
