Bitcoin gets a boost as stocks, oil rebound

Oil is up nearly 20%, and markets are breathing a sigh of relief. The Dow is up 450 points, and Bitcoin is back above $7,000 per coin.

The price of Bitcoin today improved by a solid 4%, as the cryptocurrency once again has crossed above the $7,000 per coin mark.

On Monday, the historic crash in the price of oil sent ripples across the market. Both crypto and stocks took a dive. But today, investors appear to have regained some confidence.

Crypto surged today by around $9 billion, hitting $206 billion in total market cap. That figure has since dropped slightly to roughly $205 billion. Apart from Bitcoin, Ethereum, the second largest coin by market cap, also saw notable gains.

The price of Ethereum improved by 7% with ETH now trading for around $182. Ripple’s XRP got a 2% bump and is trading for just above $0.18.

Stocks are also improving for the first time in three days. The Dow Jones Industrial Average (DJIA) has expanded by more than 450 points, bringing its total to 23,475 by the late afternoon.

And while it continues to suffer, oil had a much better day. West Texas Intermediate—which experienced the oil futures collapse that brought the industry into negative numbers two days ago—has jumped by nearly 20% for June delivery to trade at just under $14 per barrel.

Overall, the oil market has fallen 70% this year due to lagging demand brought on by the growing coronavirus pandemic. Barrels are still trading far below where they stood just last week, but the boost today certainly isn’t going to hurt.