By Vicky Ge Huang
Bitcoin rose above $90,000 on Tuesday for the first time since early March.
The digital token has rallied partly because it is priced against the dollar, which hit fresh lows against major currencies on Monday, Julius Baer researcher Carsten Menke said in a research note.
While crypto proponents often pitch bitcoin as a hedge against inflation and a form of "digital gold," the cryptocurrency has risen and fallen in lockstep with big tech shares in recent sessions. Meanwhile, gold itself has hit repeated records amid tariff-fueled market turmoil, extending its gains to more than 30% this year.
Bitcoin, the largest cryptocurrency, recently traded at around $90,300, up about 3% from its Monday 4 p.m. ET level of $87,463, according to CoinDesk data.
Other smaller and riskier tokens also rose, with ether, solana and the Ripple-linked XRP token all registering modest gains.
Crypto-sensitive stocks climbed in tandem with bitcoin. Shares of Coinbase Global and MicroStrategy both advanced more than 7% in morning trading.
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(END) Dow Jones Newswires
April 22, 2025 10:39 ET (14:39 GMT)
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