Bitcoin has recovered back above the key $40,000 level, putting a majority of BTC holders back in the money, according to data from IntoTheBlock. The leading cryptocurrency is currently trading hands at $40,485, up over 5% on the day.
On average, 63% of global investors who purchased Bitcoin now enjoy a profit from those purchases at today’s price. Just 28% of Bitcoin investors are still in the red, with the remaining 8.8% breaking even.
An even larger number of Ethereum investors are turning profits after ETH jumped nearly 7% over the past 24 hours. IntoTheBlock indicates that 73% of investors who purchased ETH are in the money.
Ethereum is currently trading at just under $3,000.
Today's rise in assets also comes on the heels of what has been a rather bearish spat of price action.
On Monday, Bitcoin had fallen as low as $38,345, and Ethereum dropped to roughly $2,800, according to CoinMarketCap.
What’s behind the Bitcoin, Ethereum pump?
Several headlines may be behind today’s rise in prices. The most notable is perhaps Elon Musk’s acquisition of Twitter yesterday for $44 billion.
"Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated," Musk said following the news, adding: "Twitter has tremendous potential—I look forward to working with the company and the community of users to unlock it."
The move has lifted Dogecoin, a popular meme coin, by more than 26% over the past 24 hours. This move is most likely due to the Tesla and SpaceX chief’s close interest in the asset.
Crypto enthusiasts of all stripes generally see the acquisition as bullish for the crypto sphere.
With much of the chatter around digital assets occurring on the platform and a pro-crypto figurehead again at the helm, many expect Twitter’s crypto experimentation to continue apace.
Elsewhere, financial services firm Fidelity announced this morning that it would let investors invest up to 20% of their 401(k) retirement accounts in Bitcoin.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
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