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Bitcoin Rallies Above $30,000 as China Eases Covid Curbs

Bloomberg business news
WATCH: Guggenheim Partners Global CIO Scott Minerd says cryptocurrencies haven’t become a credible institutional investment.Source: Bloomberg
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Bitcoin rose the most in two weeks, trading above $30,000 as investors and strategists said the digital currency is showing signs of bottoming out.

The largest cryptocurrency was up 5.2% to $30,687 at 2:21 p.m. in New York, its biggest increase since May 15. Ether and smaller tokens like Avalanche, which got pummeled last week even as Bitcoin held relatively steady, were also up. Stocks rose in Asia and Europe after China said it will ease Covid curbs, while US markets were closed for the Memorial Day holiday.