The markets are off to a good start this week—for both cryptocrypto and traditional stocks alike.
The Dow Jones Industrial Average today surged by more than 1,300 points, according to CNBC, and closed the day beyond the 22,000 mark.
The stock market has now recovered roughly 20 percent of its recent losses, leading some analysts to believe the bottom has been reached.
Meanwhile, Bitcoin and other cryptocurrencies are likewise experiencing notable gains. BitcoinBitcoin broke past the $7,000 per coin mark again today. It is currently trading for just under $7,300. The second-largest crypto by market cap, EthereumEthereum, also surged by close to 16% today. And Bitcoin Cash, EOS and Litecoin are each up between 11% and 14%.
The recovery in both the crypto and stock markets follows news that Italy and Spain—two nations that have been ravaged by the coronavirus pandemic—are now experiencing fewer deaths from the disease. At the same time, China is easing up on its lockdown, according to CNN. The UK has also announced a slowdown in the rate of infection purportedly as a result of social-distancing practices.
Bitcoin price breaks back above $7,000
The price of Bitcoin has risen above the $7,000 mark again this week. But it has lasted longer this time. On April 2, the price of Bitcoin shot up $650 to breach the psychological barrier but it was short-lived. The price fell back down to settle around $6,800. But since midnight UTC time, the price of Bitcoin has slowly been ticking back up. As you can see on this chart from Trading View, the price broke $7,000 at 6.30AM UTC and then continued to rise. The current price of Bitcoin is now $7,120...
By contrast, things are not looking as positive for the United States, where the death toll currently exceeds 10,000 according to reports. Financial experts like Jamie Dimon of JPMorgan Chase are also suggesting that the pandemic could incite a recession similar to what America experienced in 2008.
Nevertheless, the markets appear to be taking a glass-half-full view at the moment. But will it last?
