Bitcoin extends gain to nearly 7% in an endorsement of the risk trade

Yesterday’s bitcoin slump foreshadowed trouble in the broader risk trade and that catalyzed late in the day with a drop in US equities. Today it’s the opposite.

Bitcoin rallied early and has stayed strong with equities now catching up. Bitcoin is up $3570 to $58,795, or 6.7%.

It’s still a long way back to the recent highs near $70,000 but this tone underscores some resilience in crypto and the potential for the same in highly-correlated trades like the Nasdaq and chipmakers.

This article was written by Adam Button at www.forexlive.com.