Cryptocurrencies Turn Higher as Equities Change Course — Market Talk
Major cryptocurrencies are mostly higher, reversing from losses seen last week. The S&P 500 is up 0.8%, in turn giving cryptocurrencies support to rebound from its recent weakness. "Renewed buying has helped stabilize market sentiment, but the foundations of the recovery remain fragile as interest rate pressures persist and investment flows have yet to improve meaningfully," says Linh Tran of XS.com in a note. Lacking spot buying weighs on the crypto complex, but data from Coinglass shows that volumes being traded are significantly higher in the past 24 hours - with bitcoin volume at $53.9 billion, up 57% in the past 24 hours. Bitcoin rises 1.6% to $82,186, ethereum up 2.4% to $2,405, and XRP up 3.2% to $1.30. ([email protected])