Crypto News

Stocks down, Cryptos up

Crypto prices have made their climb back up, even as stocks dropped on the first trading day of the quarter with the Dow Jones Industrial Average falling more than 450 points.

Crypto currency prices

S&P also entered correction territory.

But cryptocurrency prices that are coming off one of the most volatile quarters in recent memory, amid news of regulatory crackdowns, hacks and technology companies banning advertising, put up some good numbers these past few days.

The original digital currency gained more than $900 from Easter Sunday, with Bitcoin hitting a high of $7430.56 today. It is still down more than 50% year to date, with talk that the upcoming tax season may also be dampening prices across the board.

Total market capitalization of all cryptocurrencies has dropped by 58% this year, with Bitcoin registering a 49% drop in market cap.

It ended last year at the astronomical highs of nearly $20,000 after starting it below $1,000.

Nevertheless, analysts see prices bouncing after the news of recent bans on cryptocurrency advertising by Facebook, Twitter and Google, which many believe could legitimize the space — even as developments like these hurt prices in the short term.

Bitcoin prices also jumped today after it surfaced that a Japanese online broker firm was considering buying Coincheck, an exchange that suffered a high-profile hack in January.

Monex shares surged 23% on the Tokyo Stock Exchange, with many considering this a massive confident boost with a regulated public company in Japan buying into a cryptocurrency exchange. This puts a stamp of approval in Japan, which is a huge driverof the market.

Of course, the real test will be if Bitcoin makes the jump to above the $8,000 mark.

Which may propel prices back into five figures.


Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *