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Things are looking up for Ethereum and Bitcoin for the time being.
Bitcoin and Ethereum are regaining ground following a tense midweek crash that sent prices plummeting to their lowest levels in months.
The crash began on Tuesday, and by Wednesday, Bitcoin’s price had reached a low of $29,600, according to cryptocurrency data aggregator CoinGecko. The currency was last at that level on January 2, when a single Bitcoin was worth $29,352.
It was the same story with Ethereum. The second-largest cryptocurrency by market capitalisation hit a low of $1,734 on Tuesday morning, the lowest since March 28 of this year, when one ETH cost $1,713.
Bitcoin was trading at $33,970 at the time of writing, up 15% since Wednesday. Ethereum, on the other hand, has increased by 25% since Tuesday’s low and now trades at $2,170.
The majority of the price movement in both currencies occurred overnight on Wednesday and Friday. Bitcoin increased by 8% overnight on Wednesday, while Ethereum increased by 11%. The prices of either cryptocurrency did not change significantly on Thursday night.
Bitcoin and Ethereum have risen in value as a result of a flood of institutional investment this year, with companies such as Tesla and Microstrategy purchasing large amounts of Bitcoin.
The news of institutional crypto adoption had died down, but Twitter CEO Jack Dorsey and Tesla CEO Elon Musk reignited interest on Wednesday during a pro-Bitcoin online conference called ‘The B Word.’
Musk revealed that his rocket company, SpaceX, also holds Bitcoin, as well as Ethereum and Dogecoin. Rapper Busta Rhymes was so moved by The B Word that he purchased a large amount of Bitcoin and is now investigating Ethereum.
With similar ebbs and flows this week, it appears that the rise and fall of Bitcoin and Ethereum is still largely synchronized.