Decrypt’s Art, Fashion, and Entertainment Hub.
The stock market has entered a rebound phase following its dismal slump on March 27, and some of the crypto industry’s top coins have come back to life.
The Dow Jones Industrial Average ended Monday up by nearly 700 points, a solid change from a Friday crash that saw a 72-hour market boost come screeching to a halt.
President Trump signed a $2 million economic stimulus bill Friday to cap an up-and-down week. The bill guarantees financial relief for American citizens and businesses alike during the coronavirus pandemic. However, stocks seemingly rose in anticipation of the bill before wilting in the wake of its approval.
Cryptocurrencies are also up following a disappointing weekend that saw assets like Bitcoin fall as much as $500 by Sunday. Bitcoin is now trading above $6,500, over 10% higher than it was yesterday.
Major altcoins such as Ether, Ripple (XRP), Bitcoin Cash and EOS all up by anywhere between six and eight percent. The day's biggest riser in the top 20, however, is Bitcoin SV, which stands at $170. While that's a 13% improvement on yesterday's price, it leaves the Bitcoin competitor just shy of where it stood this time last week.
While traditional and crypto markets are on the rise, the US economy still has plenty of barricades to push through, including jobless claims. Some Federal Reserve officials think unemployment could strike the 32 percent mark in the coming weeks as more businesses lay off and furlough staff in the wake of indefinite shutdowns to stop the coronavirus spread.
Those disruptions won't be letting off anytime soon. Over the weekend, President Trump extended social distancing guidelines through the end of April.