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Bitcoin Climbs to $105K; Crypto ETF Issuer Sees 35% Upside
Cryptocurrencies reversed early losses as risk assets shrugged off the Moody's U.S. debt downgrade.
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What to know:
Cryptocurrencies rebounded on Monday, with BTC climbing back above $105,000 after a rocky start to the week.
Moody's downgrade of U.S. government bonds briefly spooked markets, but the long-term impact on asset prices should be negligible, Lumida Wealth CEO said.
Digital asset investment firm 21Shares forecasted BTC to reach $138,500 this year, driven by institutional inflows instead of retail mania.
Cryptocurrencies regained footing on Monday after a rocky start to the trading session, mirroring a broader recovery in risk assets as traders digested Moody’s downgrade of U.S. government bonds.
Bitcoin
$107,212.78
notched a strong rebound after slipping to as low as $102,000 early in the U.S. session, following its record weekly close at $106,600 overnight. The largest cryptocurrency by market cap climbed back to $105,000 in afternoon trading, up 0.4% over 24 hours. Ether
$2,509.54
rose 1.2%, reclaiming the $2,500 level.
The bounce extended to U.S. stocks, too, with the S&P 500 and Nasdaq erasing their morning decline.
The early pullback in crypto and stocks came after Moody’s late Friday downgraded the U.S. credit rating from its AAA status. The move rattled bond markets, pushing 30-year Treasury yields above 5% and the 10-year note to over 4.5%.
Still, some analysts downplayed the downgrade's long-term impact on asset prices.