From Investing.com: 2024-05-06 05:04:02

Bitcoin surged past $65,000, signaling a bullish trend and pulling the cryptocurrency out of bear market territory. The price stood at $65,393, up 2.7% in the past 24 hours. This rise also boosted crypto-related stocks in premarket trading, with MicroStrategy and Marathon Digital leading gains at +8.7% and +7.7%, respectively.

The Federal Reserve may consider a 25-basis-point rate cut in September, following weaker nonfarm payroll data that weakened the US dollar and increased interest in risk assets like cryptocurrencies. Markets are anticipating a favorable environment for cryptocurrencies in a low-interest, high-liquidity setting, although inflation above 2% could maintain pressure on the Fed.

Read more at Investing.com: MicroStrategy and crypto stocks surge as Bitcoin reclaims the $65,000 level By Investing.com