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Bitcoin Surges 7% to Top $20,000, Its Highest Level in More Than a Week, Even as Stocks Hit 2022 Lows

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Bitcoin topped $20,000 on Tuesday, hitting its highest level in the more than a week, but is still struggling to break out of its tight trading range.

marked a"major event" for crypto markets, according to Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno.

"This was broadly in line with market expectations and hence, we've seen a lot of that sentiment priced in," Ayyar said. Interestingly, bitcoin's rally, which began on Monday, happened despite a fall in U.S. stocks with the S&P 500 closing at its lowest level of 2022.Meanwhile, investors are watching the U.S. dollar closely. The, which tracks the greenback against a basket of currencies, is up more than 18% this year. Bitcoin moves inversely to the dollar, so a strong greenback is negative for bitcoin.

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Bitcoin Surges 7% to Top $20,000, Its Highest Level in More Than a Week, Even as Stocks Hit 2022 LowsBitcoin topped $20,000 on Tuesday, hitting its highest level in the more than a week, but is still struggling to break out of its tight trading range.
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