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Cryptocurrency markets gained $80 billion in a single day, with Bitcoin reaching $42,000

Last week, the leading cryptocurrency suffered increased volatility when it jumped from $39,000 to roughly $42,000 in a matter of minutes. However, the situation rapidly reversed, and the asset quickly retraced to its previous level.

A day later, it reclaimed $40,000, but the US Federal Reserve announced plans to boost interest rates by 25 basis points. As a result, bitcoin fell once more, this time by roughly $1,000.

This price correction, however, was short-lived, and the cryptocurrency quickly resumed its onslaught. For the next two days, it hovered at and above $40,000.

Bitcoin, on the other hand, started a new leg up just hours ago, briefly reaching $42,000 for the first time since March 10. The asset is currently trading just below that level, with a market capitalization of around $800 billion.

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Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.