Bitcoin price rallies back after steep sell-off, nears $30,000

Markets • April 27, 2023, 4:50PM EDT

Quick Take

Cryptocurrencies gained over the past 24 hours.

Bitcoin rallied over the past 24 hours to erase all of what was a roughly 8% drop that saw the price drop from near $30,000 to almost $27,000 around the same time on Wednesday.

Ether neared $2,000, up around 5% over the last 24 hours, according to Coingecko data.

Bitcoin crashed dramatically yesterday around the same time prominent crypto news Twitter handle "DB" mistakenly claimed that Mt. Gox and U.S. government wallets were making transactions, citing market intelligence platform Arkham. The alerts from Arkham were later explained to be the result of an error sent following a bug fix.

The world's largest cryptocurrency by market capitalization is trading at about $29,666 as of 4:35 p.m. New York Time.

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The price of bitcoin rose today. Source: TradingView

In traditional markets, the S&P 500 rallied nearly 2% a day after Meta's strong earnings. The Dow Jones and Nasdaq also rose.

About Author

Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.