Bitcoin briefly spiked above $41,000 for the first time in a week, bringing the cryptocurrency out of its recent narrow trading range, as risk assets rebounded worldwide.

The largest digital asset by market value jumped as much as 5.7% to $41,691 before paring its gains in early New York trading. It is down about 12% this year. Other tokens such as Ether and Solana also got a lift. Stocks rose, with Chinese equities rallying on a pledge by Beijing for policies to boost financial market ..

A sustained rally is unlikely while the Federal Reserve tightens through the year, billionaire cryptocurrency investor Michael Novogratz who heads Galaxy Digital Holdings Ltd . said Tuesday during a TV interview on Bloomberg Crypto. Bitcoin is likely to stay in a range of $30,000 to $50,000 in an environment of rising interest rates, he said.

Bitcoin had spent the past few days mired in the tightest trading range since October 2020, a phenomenon some market watchers ascribed to long-ter ..