Bitcoin rallies to trade above $22,000; Ether, Avalanche advance

Bitcoin rallied amid a broad risk-on mood in global markets, trading above $22,000 for the first time since June 8 and testing the upper bound of the tight range where it’s been stuck for the past month.

The largest cryptocurrency jumped as much as 7.5% and was trading at $22,082 at 10:18 a.m. in New York. Ether surged 12% and coins like Avalanche and Polygon also posted double-digit gains. Crypto’s advance echoed the bullish tone in equity markets, with global stocks firmly in the green.

June’s crypto wipeout has given way to a sharp rebound, with Ether up 47% this month and Polygon more than doubling. Clouds still hang over the sector,