Ether, Bitcoin gain as stock market rebounds

Despite being viewed by many as defensive investments against equity market declines, cryptocurrencies appeared to have been affected by the resurgent stock market mid-week as well, despite the fact that cryptocurrencies were trading at a discount on the stock market at the time. Bitcoin’s value has also increased over the past 24 hours, registering a gain of 3.26 per cent through Wednesday, keeping its level above the $41,000 mark (roughly Rs. 31 lakh) across various exchanges. There has been an increase of 2.36 per cent in the price of Bitcoin over the previous 24 hours, placing Bitcoin at $42,947 (roughly Rs. 32.5 lakh) on the Indian exchange.

In the last 24 hours, Bitcoin stood at $41,296 (roughly Rs. 31.5 lakh) on global exchanges, just shy of the $41,000 mark (roughly Rs. 31 lakh). As per CoinGecko’s data, Bitcoin’s value has dropped by 4.2 per cent over the past week.

In the past few weeks, Ether has followed the Bitcoin price movement cues very closely, as has been the case over the past few weeks. According to CoinSwitch Kuber, Ether has risen by 2.25 per cent over the past 24 hours and at the time of publication, Ethereum was worth $3,251 (roughly Rs. 2.5 lakh) on CoinSwitch Kuber, whereas the coin was worth $3,119 (roughly Rs. 2.4 lakh) on global exchanges, where it gained 2.25 per cent over the past 24 hours.

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Drew Husband
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