Bitcoin tops psychological $20,000 level in 'bearish rally' as U.S. dollar falls

Key Points

• Bitcoin surged 8% on Friday breaking back above the $20,000 mark as the U.S. dollar weakened and stocks jumped.
• The latest leg higher for bitcoin has been sparked by a slight weakening of the U.S. dollar which has seen a stunning rally this year.
• Crypto markets have also been anticipating a major network upgrade to Ethereum called the merge, which proponents say will make the blockchain more efficient.

In this article

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Bitcoin prices have been under pressure in 2022 after the collapse of algorithmic stablecoin terraUSD and subsequent bankruptcy filings from lender Celsius and hedge fund Three Arrows Capital.

Nicolas Economou | Nurphoto | Getty Images

Bitcoin surged 8% on Friday breaking back above the $20,000 mark as the U.S. dollar weakened and stocks jumped.

The world's largest cryptocurrency was trading at $20,741.55 at around 6 a.m. ET, after falling to its lowest level since mid-June earlier in the week.