Bitcoin’s price rose more than 11% during Monday afternoon trading after falling precipitously earlier in the day.
price of etherGiven the impact of the global macroeconomic environment on digital asset markets – particularly worries about future action from the US Federal Reserve – it’s perhaps unsurprising that Monday also saw equities recover from their respective daily lows as well.saw the Dow Jones Industrial Average fall by more than 1,000 points only to bounce back near the day’s end up 0.3%.
In what is perhaps a sign of the times, the Wall Street Journal deemed the event “extraordinary" as the Dow had never closed in the green after falling by that much within a session.reporting pointed to retail selling pressure amid an existing decline.Stock prices for publicly traded crypto companies were swept up in Monday’s early-day turbulence, adding to the woes seen on Friday.
Yet the late-day recovery helped those stocks end the day in a better position than they were earlier in the session. Coinbase reversed its losses and closed down just 0.23% while MicroStrategy, which holds a significant amount of bitcoin on its balance sheet, ended the day down 1.45%. Both firms rose 17.8% and 16.1% from their Monday lows, respectively.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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