After a disastrous month, second-quarter, and first-half of the year, crypto is starting off July, the third-quarter, and the second-half of 2026 on a positive note.
Trading at $60,100, bitcoin is up about 5% from its weakest overnight levels and 3.2% over the past 24 hours. Ether (ETH) is ahead 3.8% over the past day, and solana (SOL) is higher by 5.8%.
There's nothing much in the way of positive catalysts — the move appears to be more of just a pause after a long period of unrelenting selling.
Crypto-related stocks are responding, led by an 11.5% gain in Michael Saylor's Strategy (MSTR). The company's high-yielding preferred stock, STRC, which had plunged to nearly $70 late last week, is up another 3.8% on Wednesday to $88.
Other movers include Coinbase (COIN), with a 10% gain, Circle (CRCL), up 3.7%, and Bullish (BLSH), up 8.4%.
After the drubbing crypto has received, the hint of good news or even the absence of bad news might be the excuse for a rally.
Fed Chairman Kevin Warsh earlier artfully declined to give any indication of how he or the rest of the central bank might be leaning with respect to rate hikes at upcoming meetings in July or September.
Minutes ago, the ISM Manufacturing PMI for June dipped to 53.3 from 54 in May. Economist forecasts had been for the index to remain flat at 54. The Prices Paid subindex fell to 73 from 82.1, and below expectations for 79.
Earlier, the ADP jobs report for June showed the addition of just 98,000 jobs, down from 122,000 in May and lower than forecasts for 113,000.
Sharply higher earlier in the session, bond yields have retreated; the two-year Treasury now flat for the day at 4.15%.
After falling below $58,000 earlier, bitcoin (BTC) has bounced back to the $60,000 level, up 2% over the past 24 hours.
"Is it good for business if your customers turn into competitors," asks noted skeptic Jim Chanos, after a Bloomberg report that Meta is developing a cloud business to sell excess AI compute.
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