Bitcoin, Cardano climb amid signs cryptocurrency market is bottoming

Bitcoin (BTC-USD) is regaining some strength, rising 3.5% to break above $31K Tuesday morning, after nine weeks of losses. The move comes as strategists and investors see signs that the crypto market is bottoming out. JPMorgan Chase strategists said the world's largest cryptocurrency is in the early stages of a price recover and figure that $38K represents bitcoin's (BTC-USD) fair market value. Cardano (ADA-USD) is surging 25% in Tuesday morning trading in the U.S. to ~$0.66, helped b7 catalysts including an increase in the issuance of native assets on the network, Coindesk reports. More than 5M assets have now been minted on Cardano, according to data. The Vasil hardfork network upgrade is expected in June would bolster scaling capabilities, it added. Marc Sotiriou, analyst at U.K.-based digital asset broker GlobalBlock, noted that crypto funds saw inflows of $87M last week after the previous week saw outflows of $141M. As of last week, the total