Bitcoin rallies to trade above $22,000

LONDON: Bitcoin rallied amid a broad risk-on mood in global markets, trading above $22,000 for the first time since June 8 and testing the upper bound of the tight range where it has been stuck for the past month.

The largest cryptocurrency jumped as much as 7.5 per cent and was trading at $22,082 at 10.18am in New York.

Ether surged 12 per cent and coins like Avalanche and Polygon also posted double-digit gains. Crypto's advance echoed the bullish tone in equity markets, with global stocks firmly in the green, Bloomberg reported.

June's crypto wipeout has given way to a sharp rebound, with Ether up 47 per cent this month and Polygon more than doubling.

Clouds still hang over the sector, with persistently high inflation expected to trigger more monetary tightening across the world and last week's bankruptcy of crypto lender Celsius Network Ltd serving as a fresh reminder of

potential contagion.