Bitcoin Price Bounces Back to $40,000 as Global Markets Stage Rebound

    Bitcoin jumped back to around $40,000 as positive U.S. company earnings emboldens investors across asset classes following weeks of volatile price swings.
    By: BLOOMBERG
    | Updated on: Apr 29 2022, 23:43 IST
    The largest cryptocurrency by market value rose as much as 3.2% to $40,366, just days after dropping to a six-week low of less than $38,000 .
    The largest cryptocurrency by market value rose as much as 3.2% to $40,366, just days after dropping to a six-week low of less than $38,000 . (Bloomberg)
    The largest cryptocurrency by market value rose as much as 3.2% to $40,366, just days after dropping to a six-week low of less than $38,000 .
    The largest cryptocurrency by market value rose as much as 3.2% to $40,366, just days after dropping to a six-week low of less than $38,000 . (Bloomberg)

    Bitcoin price jumped back to around $40,000 as positive U.S. company earnings emboldens investors across asset classes following weeks of volatile price swings. 

    The largest cryptocurrency by market value rose as much as 3.2% to $40,366, just days after dropping to a six-week low of less than $38,000 . Ether hovered around $3,000 after increasing as much as 3.4%. Popular ‘altcoins' Litecoin and XRP were up by 3.2% and 2%, respectively. 

    Despite being championed as an uncorrelated asset, Bitcoin has been trading much of the year in lockstep with more traditional assets such as technology stocks. 

    “Bitcoin is undergoing a period of price consolidation as it's been staying in the same $37k-43k or so range throughout most of 2022,” said Jason Lou, the San Francisco-based chief operating officer of the crypto exchange Okcoin. 

    The S&P 500 posted its best intraday performance since March 9, while the Nasdaq 100's advance nearly topped 4%. Meta Platforms Inc. surged in the biggest rally since 2013 after Facebook added more users than anticipated.

    “Bitcoin and S&P 500 correlations have been elevated in relation to macro uncertainty, exceeding 0.75 over the past month,” Lou said. “This week's tech earnings have therefore been playing a factor in the daily movement of Bitcoin's price.” 

    Follow HT Tech for the latest tech news and reviews , also keep up with us on Twitter, Facebook, and Instagram. For our latest videos, subscribe to our YouTube channel.

    First Published Date: 29 Apr, 23:43 IST
    NEXT ARTICLE BEGINS
    keep up with tech