Bitcoin Reclaims $40,000

Key Takeaways

• Bitcoin was trading above $40,000 on Friday.
• The flagship cryptocurrency traded in the $30,000 range for almost two weeks.
• Other cryptos, stocks, and commodities were also having a strong day.

Bitcoin has broken $40,000, up around 10% on the Friday. Other cryptocurrencies and asset classes were showing strength as well.

Bitcoin In The Green

Bitcoin jumped above $40,000 and still sits above it at press time. It was trading at $40,535 at time of writing, per CoinGecko. BTC has not reached its current levels for two weeks.

Accounting for over 41% of the total $1.8 trillion cryptocurrency market cap, Bitcoin’s gains exceeded 10% the day before yesterday, though it is down over 42% since its all-time high of nearly $69,000 on Nov. 10 last year.

Other prominent Layer 1 coins like Ethereum and Solana were also up on Friday. The total cryptocurrency market capitalization had gained approximately $100 billion in the past 24 hours. This came after a $1.4 trillion erasure of market value since last November.

Other asset classes were showing strength on as well. The United States stock market, which has also slumped this year alongside the crypto market, rebounded slightly, with the technology-heavy NASDAQ up around 0.75% following (though it was still down about 10% so far this year). This was likely on the back of Amazon (NASDAQ:AMZN), which recorded over 12% gains. Nevertheless, Meta Platforms (NASDAQ:FB) lost an historic amount of market capitalization of over $250 billion.

Commodities such as oil and gold were also seeing price appreciation, with the former reaching its highest prices since 2014.

Cryptocurrency-related equities were up as well, after suffering severely during the broader price depressions of the past weeks. As examples, Coinbase (NASDAQ:COIN) stock was up around 6%, Block (NYSE:SQ) over 4%, and MicroStrategy (NASDAQ:MSTR) edging over 11%.

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