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Bitcoin (BTC-USD), Ethereum (ETH-USD) and other major cryptocurrencies are rising in Thursday afternoon trading as U.S. stock market investors jump back to risk-on mode amid a flush of corporate earnings releases.
After reaching as low as $37.6K on April 26, bitcoin (BTC-USD +3.6%) has since grinded back up to $40.2K at the time of writing, and ethereum (ETH-USD +4.3%) is also climbing to $2.97K.
Overall, Bitcoin (BTC-USD) is still off around 40% from its all-time high of $67.5K in mid-November, though “I remain cautiously optimistic, as many metrics suggest we are in an accumulation phase,” said GlobalBlock analyst Marcus Sotiriou, as quoted by Barron’s. He added that “whale” holdings, or the holdings of large crypto hodlers, has “risen to its highest since September last year.” When whale holdings increased in Sept. 2021, “it led to a significant increase in price in November.”
Bitcoin’s (BTC-USD) relationship with equities has been proven to be strong over the past year, so it comes at no surprise that all three major stock market indexes are also changing hands deep in the green, with the tech-heavy Nasdaq (COMP.IND) leading the pack ahead of megacap earnings.
Crypto-related stocks that are rising the most intraday include: MGT Capital (OTCQB:MGTI +6.8%), SOS (SOS +7.2%), Hut 8 Mining (HUT +7.0%), Bitfarms (BITF +5.8%), Bit Digital (BTBT +7.8%), CleanSpark (CLSK +5.6%), Silvergate Capital (SI +6.4%) and Customers Bancorp (CUBI +6.5%).
Speaking of earnings season, U.K.-based bitcoin miner Argo Blockchain (ARBK +9.2%) shares are marching higher after it boosted its full-year hashrate guidance.
Earlier this week (April 27), the Central African Republic became the second nation to adopt Bitcoin as legal tender.
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