Cryptocurrencies gain ground, led by bitcoin

Most cryptocurrencies rose on Tuesday on optimism over global economic development, and the outlook of additional regulatory approval for exchange funds in the near future.

According to the CoinShares platform, bitcoin exchange funds attracted net liquidity of $148 million last week, while ethereum attracted $33.5 million. 

Crypto platform Bitfinex said that bitcoin’s fall since March was propelled by long-term holders of the currency selling it in the market, with such a trend now wrapping up.

Earlier US data showed the manufacturing PMI fell to 48.7 in May from 49.2 in April, sinking deep into contraction. 

According to the Fedwatch tool, the markets expect the Fed to hold interest rates unchanged in June and July, with likely rate cuts in September and November. 

Other data showed the number of available US job openings fell to 8.06 million in April from 8.4 million in March. 

Bitcoin 

Bitcoin rose 1.7% to $70.3 thousand as of 21:03 GMT on Coinmarketcap. 

Ethereum

Ethereum rose 0.7% to $3796 as of 21:03 GMT. 

Ripple

Ripple rose 1.1% to $0.527 as of 21:03 GMT on the Coinmarketcap platform.