Crypto, stocks rally as Washington unveils plan to fight downturn

Another day, another rollercoaster ride for the markets. 

Today, we’re on the upswing, as both the stock market and crypto have seemingly reacted positively to news that the White House plans to soon distribute economic aid to US citizens as a way of counteracting the economic conditions caused by the coronavirus pandemic.

The total market cap for the cryptocurrency market has jumped back to $150 billion—up from $145 billion yesterday. The price of Bitcoin is now roughly $5,400 per coin, an increase of more than 5% from the previous day, and up $200 since this morning.

Ethereum and Ripple’s XRP—two of Bitcoin’s primary competitors—have also experienced slight increases in price. Ethereum is currently trading for $118 per token, while XRP is back to being valued at nearly $0.15 per coin.

The stock market appears to be leading the way. The Dow today surged 500 points—a marked turn from yesterday’s disastrous fall of close to 3,000 points in one day. It was the worst stock market crash in more than 30 years.

The S&P and the NASDAQ have also improved somewhat and have incurred 5% gains.

The uptick followed an announcement from President Donald Trump that the White House is now considering issuing “immediate” cash payments to Americans as a way of stimulating the economy.