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Bitcoin (BTC-USD) jumped back to over $20K in Friday morning trading as the stock market catches a bid and the dollar rally stalls somewhat.

Over the past 24 hours, the world’s largest cryptocurrency by market cap (BTC-USD) soared 9.2% to $21.09K, after hovering at around $19K since the beginning of the week ending September 9. Ethereum (ETH-USD), though not to the same magnitude as BTC, gained 5.0% to $1.72K as of shortly before 10:30 a.m. ET.

The intraday upswings pulled up a slew of crypto-related stocks, including Coinbase Global (COIN) +5.4%, Marathon Digital (MARA) +6.3%, MicroStrategy (MSTR) +6.6%, Riot Blockchain (RIOT) +9.3% and HIVE Blockchain (HIVE) +8.2%.

That bullish price action also comes as stock index futures perked up as investors’ risk appetite expands, with Dow Jones +0.9%, S&P +1.1% and Nasdaq +1.5%.

In the midst of this risk-on day, the U.S. dollar is taking a breather from its historic rally started in July 2021. The U.S. dollar index (“DXY”) slid 0.74% to 108.90 but remains up nearly 18% over the past year. Bitcoin (BTC-USD), by comparison, was down almost 55% Y/Y, underscoring the greenback’s dominance as the global reserve currency.

Since the end of April, bitcoin (BTC-USD) and the nominal broad U.S. Dollar Index have increasingly diverged from each other, as seen in the chart below.

Earlier, FTX’s Sam Bankman-Fried said told CNBC that the real pain in cryptos is likely over.



Image and article originally from seekingalpha.com. Read the original article here.

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