By Oliver Gray
Investing.com - Bitcoin extended its two-week rally during Tuesday’s session, trading at its highest level since early May amid stagflation fears and a slowing economic recovery and increasing investor hopes that a bitcoin futures ETF could be approved soon, while Securities and Exchange Commission Chair Gary Gensler also bolstered sentiment after noting that the U.S. would not follow China’s lead in banning digital tokens.
Volatility across the crypto markets was sparked earlier in the year after China banned cryptocurrency transactions, in addition to turbulence around El Salvador’s rollout of the digital coin as legal tender. Jamie Dimon, JPMorgan Chase & Co (NYSE:JPM) chief executive also noted on Monday at a conference that cryptocurrencies will be regulated by governments and that he personally thinks bitcoin is "worthless."
During Tuesday’s session, Bitcoin rallied 4.09%, Ethereum added 1.83%, Investing.com Binance Coin Index was up 0.15%, while Cardano dipped 3.05%.