Bitcoin Hits Two-week High Imitating The Stock Rally

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Cryptocurrencies are seeing a significant recovery as investors take advantage of the recent stock market rally and increased risk appetite. Bitcoin hits its highest in two weeks, extending gains from earlier this week that had seen it climb to $41,938 per coin on Saturday morning (Jan 24th).

Related Reading | Bitcoin mimics stocks rally, hits two-week high

Bitcoin, the largest digital currency globally, has hit $41,938. It is 16% high from Thursday’s low and 27% from the current year’s low of $32,950.

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Ether, the second-largest digital currency, has scaled new heights, reaching $3K for the first time since January 21.

Bitcoin recorded its biggest single-day gain since mid-June as fears of faster than expected Fed rate hikes led to an increase in inflation, with the cryptocurrency also being roiled by technological innovation. However, Friday’s 11% rise was enough to consider haven against this trend and get some positive press at least until Monday when everything will likely go back down again.

Bitcoin Price Recovery: Thanks to Amazon

Despite a long week of volatility from earnings, US stocks ended the week strong. The tech-heavy NASDAQ secured gains thanks to Amazon’s robust growth and Facebook…

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