Bitcoin, Ethereum Rise. What's Driving the Crypto Rebound. — Barrons.com
By Elsa OhlenThe recovery in Bitcoin and other cryptocurrencies picked up pace early Monday, following a week of big losses for digital assets.Bitcoin was up 2.9% over the past 24 hours to $111,090, according to CoinDesk data. The price of the world's largest crypto dropped as low as $106,207 overnight before rebounding. It still trades about 12% below its all-time high hit earlier this month.Smaller cryptocurrencies gained too, with Ether rising 3%, XRP 3.7%, and Solana 2.2%.Meanwhile, futures tracking the S&P 500 and Nasdaq rose 0.3% and 0.4%, respectively.Cryptos' move higher came amid cautiously optimistic data out of China and Japan, with the former posting third-quarter GDP growth of 4.8% Monday, in line with LSEG expectations. Meanwhile, Japan's benchmark Nikkei 225 rose 3.4% Monday to close at a record high.Investors sold off risk assets late last week following credit concerns after two regional banks said they'd been hit by bad loans. Escalating U.S.-China trade tensions and President Donald Trump's threat of a further 100% tariffs on Chinese imports to the U.S. also hang over markets, including crypto assets.Shares of cryptocurrencies exchanges Coinbase Global and Robinhood Markets also rose between 3% and 4% in premarket trading Monday, mirroring the price in crypto prices, even as a major outage at Amazon Web Services appeared to affect its operations. Barron's has reached out to Amazon for comment.Write to Elsa Ohlen at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.