Bitcoin made a serious move in the past few hours as its price soared up to above $7,720 in just a few minutes. Legacy markets followed as the S&P500, the Dow, as well as gold and oil are all trading in the green.
In a few quick hours, Bitcoin’s price marked a massive increase, surging up above $7,700 from about $7,060. The price has since retraced a bit as it’s currently trading around $7500, which is still about 5% on the day.
As it can be seen on the chart, Bitcoin traded around $7,100 for the majority of the time today, but it started moving up and reached a daily high of about $7,738 on Binance. Even though the price was rejected there, it’s still trading at a nice 5% increase on the day. With this latest increase, Bitcoin has almost fully recovered from the crash that took place on March 12th-13th.
Other major altcoins are also trading positively, with Stellar charting an impressive 17% increase at the time of this writing.
Traditional stock and commodity markets are also in the green today as bulls appear to have settled across the board.
At the time of this writing, the S&P 500 is charting an increase of about 1.3% – the same as the Dow Jones Industrial Average (DJI)
Interestingly enough, gold is also up about 1.3% today as it trades at around $1,733 per ounce.
West Texas Intermediate crude oil is also making a recovery. The contracts set to expire in June currently trade around $18, which is 31% more than its price yesterday. Two days ago, the contract marked a 21-year low as it dropped more than 43% to reach $11.57 on the New York Mercantile Exchange. The May contract, on the other hand, traded in the negative for the first time in history.
