Bitcoin and shares in crypto companies surged on Wednesday amid a broad “relief rally” in risky assets and after US President Donald Trump’s latest rallying cry for the digital assets industry in its fight with Wall Street banks.
Bitcoin, which has plunged almost 50 per cent since peaking at around $125,000 in early October, climbed 8 per cent to as much as $73,777, its highest level in a month. The gains came as US stocks and other risk assets rose, after tumbling this week on fears of a prolonged hit to energy markets from the war in Iran.
“It’s a broad rally today, and bitcoin was more beaten down than equities,” said Alex Thorn, head of research at Galaxy Digital. “It’s a relief rally.”
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