Bitcoin in Two-Week High As Rally Mimics Stocks

Share post:

Bitcoin hit a two-week high on Saturday, continuing the previous session’s robust gains as cryptocurrencies benefited from a recovery in risk appetite and a recent surge in stock markets.

The cryptocurrency reached $41,983, up nearly 16% from Thursday’s lows and up 27% from an annual low of $32,950.72 on January 24.

Ether, the coin of Ethereum’s blockchain network, has scaled the $3,000 mark for the first time since January 21.

Friday’s 11% rise was the biggest one-day gain for bitcoin since mid-June and the first major rise after weeks of losses.

That was accompanied by a rally in U.S. stocks, highlighted by Amazon’s impressive earnings and Facebook’s dismal sales report.

These synchronized movements illustrate how bitcoin has become a mainstream investment product shaken by fluctuations in risk appetite.

“The current panic and volatility surrounding bitcoin is based on a fundamental misunderstanding of it as an asset class,” said Ed Hindi, chief investment officer of Swiss-based cryptocurrency hedgefund Tyr Capital. “When valuations on the Nasdaq fall, misguided institutional investors start liquidating bitcoin positions en-masse as if it were a tech stock,” he added.

For more information, read the original story in Reuters.

Featured Tech Jobs

SUBSCRIBE NOW

Related articles

Lawsuit requires Pegasus spyware to provide code used to spy on WhatsApp users

NSO Group, the developer behind the sophisticated Pegasus spyware, has been ordered by a US court to provide...

OpenAI claims New York Times manipulated ChatGPT “fabricate data”

OpenAI has challenged the New York Times' copyright lawsuit, asserting the newspaper manipulated ChatGPT to fabricate evidence. The...

Wendy’s leverages digital tech to test “surge pricing”

Wendy's is set to experiment with Uber-like surge pricing, a concept referred to as "dynamic pricing," starting in...

Meta is gathering data on Quest virtual reality users

Meta's latest policy update reveals plans to start collecting "anonymized" data from its Quest headset users, intensifying concerns...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways