Bitcoin jumps past $20,000, helps cryptos scale $1 trillion-mark

Bitcoin jumped past the $20,000 level on Tuesday and cryptocurrencies as a whole climbed back above $1 trillion in market value, helped by a hiatus in the turmoil that gripped global markets this week.

The largest token added as much as 6.1% as of 12:30 p.m. in Tokyo, reaching the highest in more than a week. Ether, Solana and Avalanche also rose.

The gains came amid a bout of relative calm in global markets after bruising selloffs for stocks, bonds and commodities in the face of rapidly tightening monetary policy to fight inflation and concerns about a recession.