Bitcoin mimics stocks rally, hits 2-week high

Bitcoin hit its highest in two weeks on Saturday, extending the previous session's strong gains as cryptocurrencies basked in a recovery in risk appetite and a rally in stock markets

Bitcoin hit its highest in two weeks on Saturday, extending the previous session's strong gains as cryptocurrencies basked in a recovery in risk appetite and a rally in stock markets, Qazet.az reports Reuters.

The world's largest cryptocurrency hit $41,983, taking gains from Thursday's lows to nearly 16%, and marking a 27% rise from the year's low of $32,950.72 on Jan. 24.

Ether , the coin linked to the ethereum blockchain network, scaled the $3,000 level for the first time since Jan. 21.

Friday's 11%-plus was the biggest single-day gain for bitcoin since mid-June, and the first major bounce after weeks of being roiled, along with technology and growth stocks, by fears of faster-than-expected Fed rate hikes to curb a surge in inflation.