(Bloomberg) — The stock market had a rough Monday following several weeks of strength. It was a similar story in the bond market. And gold did a U-turn after climbing to a new record above $2,100 an ounce.
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Yet in the digital-assets market, Bitcoin held firm following a weekend rally that took the oldest token above $42,000 for the first time in 19 months as frenzied speculation in cryptocurrencies extended its rally to more than 150% this year.
While traders in traditional markets rethink aggressive pricing of potential Federal Reserve interest-rate cuts next year, Bitcoin-specific catalysts — first and foremost, prospects for the US Securities and Exchange Commission’s to approve exchange-traded funds that directly buy the token — have helped the biggest and oldest cryptocurrency break out of a trading range it had spent the previous three weeks.
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