Cryptocurrencies rose in Thursday's trading as the U.S. dollar declined amid expectations about interest rates and anticipation of U.S. producer price index data.
Bitcoin increased 1% to $30592.75 at 1:49 p.m. Mecca time, according to CoinGecko data.
Ethereum rose 0.51% to $18822.68, while Ripple climbed 0.81% to 47.29 cents.
The first cryptocurrency exchange-traded fund for bitcoin is set to launch in Europe this month. Jacobi Asset Management had initially announced launching the fund on Euronext Amsterdam in July 2022.
The rise in prices of cryptocurrencies like bitcoin, ethereum and ripple came as the U.S. dollar index fell in global financial markets. A weaker dollar tends to increase demand for digital currencies and push their prices higher.
In summary, cryptocurrencies rose on Thursday driven by a declining U.S. dollar and anticipation surrounding potential interest rate decisions and economic data.
