#bitcoin #cryptocurrencies #coronavirus
The entire market capitalization or value of cryptocurrencies jumped $35.3 billion in 24 hours as of 2.19 p.m. Singapore time, according to data from CoinMarketCap.com.
Bitcoin, which accounts for most of that movement, was at $9,388.30 — or up 18.57% in the last 24 hours as of 2.03 p.m. Singapore time, Coindesk data showed. That’s the highest level since March 7.
Cryptocurrencies saw two major bouts of selling in March amid the broader plunge in equity markets. But they have now recovered that ground.
U.S. stocks closed higher on Wednesday, adding to previous gains, as investor optimism over a potential coronavirus treatment grew, some lockdowns were eased, and Federal Reserve chairman Jerome Powell said he is willing to go further to prop up the economy ravaged by lockdowns.