Major cryptocurrencies have seen prices skyrocket in the past 24 hours, with Bitcoin soaring to its highest price in more than two weeks.
The past 24 hours have seen the price of multiple major cryptocurrencies skyrocket, a welcome sight for investors after months of crashing figures.
Bitcoin jumped more than 10 per cent, taking the price of the popular cryptocurrency to more than $US41,000.
This is the first time in weeks bitcoin has been above $40,000.
It isn’t just bitcoin that is on the rise, other major cryptocurrencies have been soaring as well.
Ethereum and solana jumped as much as 12 per cent in the past 24 hours.
Ethereum is now trading for almost $US3000, which is nearly a 20 per cent recovery from last week’s levels.
The surge follows a promising January jobs report released in the US, which showed employers added 467,000 jobs in January.
Analyst at trading platform eToro, Callie Cox, told Forbes the report was a “huge deal”.
“This is a robust job market, and it reinforces the (Federal Reserve’s) decision to hike rates.”
Investors are now showing signs of a renewed risk appetite, with strong earnings from Amazon.com Inc also bolstering confidence in technology stocks.
This follows a horror few weeks for many cryptocurrency investors.
Up until now, the price of bitcoin has been hovering between the $US35,000 and $38,000 mark.
At the end of January, BTC briefly plunged below $US33,000 ($A46,000).
That signalled its lowest level since July last year and was a massive fall from grace considering its November highest of nearly $US69,000 ($A98,000), representing a drop of more than 50 per cent.
Amid its plummeting worth, experts feared the worst was yet to come for bitcoin, claiming there were “no signs BTC has bottomed”.
Crypto analyst and podcast host Scott Melker previously said $39,600 needed to be reclaimed in order for bitcoin to claw its way back to previous price levels.
“Have not had consecutive green weeks in months,” he lamented.
He said he wouldn’t be bullish until BTC surpassed the all-important $39,600 price point, with the popular cryptocurrency now well past that point.
Popular trading platform hit by ‘massive’ scam
While many are celebrating the overnight rise in crypto prices, the biggest cryptocurrency exchange in the world has been dealing with a new crisis.
Binance CEO Changpeng “CZ” Zhao warned users on Friday that the exchange had been hit by a “massive” SMS phishing scam.
Users have been receiving a text message informing them that a withdrawal had been made from their Binance account from an “unknown IP address”.
They are then asked to click a link and follow the steps if they were not the ones who made the withdrawal.
“It leads to a phishing website to harvest your credential as in the screenshot below,” the CEO said in a Twitter post.
“NEVER click on links from SMS!”
It is unclear how many Binance customers have been targeted by the scam and how many had fallen victim to it.
Originally published as Price of Bitcoin, Ethereum, Solana skyrocket, rebounding strongly after weeks of misery
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