BTC hits $105k as markets recover following Moody’s U.S. debt downgrade

TL;DR

• Bitcoin is trading above the $105k again, recovering from its 1% dip on Monday.
• The market has shrugged off Moody's downgrade of U.S. government bonds, with altcoins also rallying higher.

BTC Trades Above $105k as Markets Recover

Bitcoin, the number one cryptocurrency by market cap, is trading above $105k again after dropping below $103k on Monday. At press time, BTC is trading at $105,496, up less than 1% in the last 24 hours.

The rally comes as the broader markets shrug off Moody's downgrade of U.S. government bonds. Monday’s pullback came after Moody’s downgraded the U.S. credit rating from AAA status late Friday

With Bitcoin trading above $105k again, altcoins are also in the green. Ether, the second-largest cryptocurrency by market cap, is up 2.6% in the last 24 hours and now trades at $2,518 per coin.

However, other leading cryptocurrencies are still in the red, with XRP, ADA, and TRX all down 1%. Meanwhile, Solana’s SOL and Dogecoin’s DOGE have lost 2% of their values each. With the mixed market performance, the total cryptocurrency market cap now stands at $3.33 trillion, up less than 1%.