Bitcoin climbed 15% after the latest midweek crash but things are looking better for both ETH and BTC for now as we read more in our latest Bitcoin news today.
Ethereum and Bitcoin are climbing back after the midweek crash that sank prices to the lowest they have been in months. The crash started on Tuesday and in one day, Bitcoin’s price dropped to $29,600 according to the data aggregator CoinGecko. The last time the currency was around the level was on January 2 when a single BTC was worth $29,352. it was similar to Ethereum because the second-biggest cryptocurrency by market cap, hit a low of $1734 which is the lowest point since March 28 this year when one coin cost that much. Bitcoin climbed 15% since Wednesday and Etheruem gained 25% since Tuesday’s low and it is now trading at $2170.
For both currencies, the bulk of the price movement happened overnight and BTC grew 8% overnight on Wednesday while ETH grew 11%. Thursday night brought no major changes to the price of either crypto. Bitcoin and Ethereum grew in price thanks to the swathe of institutional investments this year with companies like Microstrategy and Tesla which purchased huge amounts of BTC. The news of institutional adoption of crypto had cooled off by Twitter’s CEO Jack Dorsey and Tesla CEO Elon Musk rejuvenated interest during a pro-BTC online conference called “The B” Word.
Musk announced that SpaceX his rocket company also holds BTC and that he holds ETH and DOGE. Rapper Busta Rhymes also joined in the Bitcoin bandwagon and bought some while he is now looking to get into Etheruem. With similar sentiments, it seems that the rise and fall of BTC and ETH are largely scynrhonzied.
As recently reported, Bitcoin saw an amazing few days after the B-word event where Jack Dorsey, Elon Musk, and Cathie Wood spoke about it. BTC increased by 15% in five days and it seems to be preparing for a test of the $34K price point. This was a turbulent week for the BTC price which didn’t’ seem like it was a good start a few days ago. On Tuesday, the price crashed to around $29,200 and caused nothing but fear and panic on the market but it didn’t take much for the price to reserve. The highly-anticiapted B Word event took place were Jack Dorsey, Elon Musk and Cathie Wood discussed bitcoin.
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