Bitcoin gets a boost as stocks, oil rebound

Oil is up nearly 20%, and markets are breathing a sigh of relief. The Dow is up 450 points, and Bitcoin is back above $7,000 per coin.

2 min read

Apr 22, 2020

The price of Bitcoin today improved by a solid 4%, as the cryptocurrency once again has crossed above the $7,000 per coin mark.

On Monday, the historic crash in the price of oil sent ripples across the market. Both crypto and stocks took a dive. But today, investors appear to have regained some confidence.

Crypto surged today by around $9 billion, hitting $206 billion in total market cap. That figure has since dropped slightly to roughly $205 billion. Apart from Bitcoin, Ethereum, the second largest coin by market cap, also saw notable gains.

The price of Ethereum improved by 7% with ETH now trading for around $182. Ripple’s XRP got a 2% bump and is trading for just above $0.18.

Stocks are also improving for the first time in three days. The Dow Jones Industrial Average (DJIA) has expanded by more than 450 points, bringing its total to 23,475 by the late afternoon.

And while it continues to suffer, oil had a much better day. West Texas Intermediate—which experienced the oil futures collapse that brought the industry into negative numbers two days ago—has jumped by nearly 20% for June delivery to trade at just under $14 per barrel.

Overall, the oil market has fallen 70% this year due to lagging demand brought on by the growing coronavirus pandemic. Barrels are still trading far below where they stood just last week, but the boost today certainly isn’t going to hurt.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Get crypto news straight to your inbox--

sign up for the Decrypt Daily below. (It’s free).

Get Email!

AI Won’t Tell You How to Build a Bomb—Unless You Say It’s a 'b0mB'

Remember when we thought AI security was all about sophisticated cyber-defenses and complex neural architectures? Well, Anthropic's latest research shows how today’s advanced AI hacking techniques can be executed by a child in kindergarten. Anthropic—which likes to rattle AI doorknobs to find vulnerabilities to later be able to counter them—found a hole it calls a “Best-of-N (BoN)” jailbreak. It works by creating variations of forbidden queries that technically mean the same thing, but are expre...

Elon Musk and Dogecoin: How the Billionaire Became the 'Dogefather'

As Dogecoin makes a comeback off the back of Bitcoin’s surge, some may be pondering: Where did the asset come from? What’s it for? And what’s Tesla CEO Elon Musk got to do with it? The original meme coin’s boom largely has the world’s richest man to thank. Musk’s obsession with shitposting helped boost the coin to a top 10 cryptocurrency. It’s been a wacky ride over the past few years, culminating in Musk's appointment to co-lead a government agency called D.O.G.E.—yes, really. But we'll explai...

Tether Invests $775 Million in Rumble Following YouTube Rival's Bitcoin Push

Stablecoin issuer Tether announced on Friday that it is investing $775 million in streaming video platform Rumble, a rival to YouTube that bills itself as an anti-censorship platform. The company behind the USDT stablecoin called the deal a “definitive agreement,” and it would begin with a primary investment of $250 million in cash. The deal, Tether said, will see the cryptocurrency company ultimately receive 103.3 million shares of Rumble common stock. Rumble CEO Chris Pavolski will retain a co...

News

Courses

Deep Dives

Coins

Videos