Crypto News: Bitcoin Jumps Over $19.5K Amid Wider Rally in Riskier Assets

Bitcoin increased for the second day in a row and was recently trading just over $19,500, a roughly 2% gain over the previous 24 hours and a dramatic contrast to last week’s late roller coaster ride.

iexclusivenews reports that the largest cryptocurrency by market capitalization climbed alongside the tech-focused Nasdaq and S&P 500, which were recently up 3.5% and 2.7%, respectively.

As investors awaited the latest third-quarter earnings reports and housing data, which appear likely to reflect a continued cooling of the real estate market.

On Monday, Bank of America became the latest financial industry behemoth to disclose disappointing earnings, joining Citigroup and Morgan Stanley.

Bitcoin price chart shows the cryptocurrency’s rise on Monday. (CoinDesk)

“The gains [of bitcoin] today mirror those in equity markets, with risk assets more broadly getting the week off to a good start,” Craig Erlam, senior market analyst at foreign exchange market maker Oanda, wrote in a Monday note.

Monday’s crypto rise coincided with U.K. stocks, which soared after the country’s finance minister reversed heavily criticized tax cuts that had alarmed investors

According to Joe DiPasquale, CEO of crypto asset management BitBull Capital, the general market gain was partly caused by a recent US dollar index (DXY) decline.

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According to MarketWatch statistics, the DXY index, which measures the value of the US dollar versus other foreign currencies, recently fell 1.1%, reversing a recent trend.

“Cryptocurrency prices have been positively correlated to the equity markets, so we would expect an oversold bounce in the equity market to benefit cryptocurrencies broadly,” said Will Tamplin, senior analyst at technical research firm Fairlead Strategies.

However, iexclusivenews Nigeria reports that DiPasquale, was cautious about a long-lasting markets’ rebound amid current macroeconomic uncertainty.

“Any sustainable reversal is unlikely to materialize in current conditions,” he said.