The crypto market move higher coincided with gains in the major stock averages. Crypto assets spiked more sharply around noon ET, though it's unclear what exactly could have caused the sharp move.Sign up for NBC Philadelphia newsletters.
"You're probably going to see some wild moves up and down as bitcoin tries to march back to $30,000," said Callie Cox, analyst at investing firm eToro."Add in summer trading volumes, and you have a recipe for day-to-day volatility. Bitcoin prices have been more resilient today on hopes for lower rates, and a few hours of stable trading could have been enough to bring buyers back in.
Crypto has been suffering since the spring from low liquidity and thin trading volumes, which has exacerbated moves on both the upside and the downside. This has been especially true throughout the seasonally sleepy month of August.