Bitcoin: It briefly exceeded $ 41.000 before losing all its profits

Bitcoin jumped up 5,7% to $ 41.691 before giving up all its profits

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A sudden rise in Bitcoin on Wednesday brought it out of the narrow range where it spent most of last week.

Bitcoin jumped up 5,7% to $ 41.691 before giving up all its gains and trading at $ 39.540 at 2:55 p.m. in Hong Kong.

Other cryptocurrencies such as Ether and Solana also made "launches", albeit short ones. Shares rose, with Chinese stocks rallying after Beijing pledged policies to stimulate financial markets.

Edul Patel, co-founder of the automated digital trading platform Mudrex, attributed the short-lived progress to private investors speculating that the Federal Reserve will raise interest rates less than expected.

Bitcoin had spent the last few days plunged into the narrowest trading range since October 2020, a phenomenon that some market observers attributed to long-term investors coming in to buy whenever the cryptocurrency falls.

Meanwhile, sales by short-term investors have kept Bitcoin and other digital assets away from rising profits.