Newsflash: Bitcoin Price Pops Higher as Dow, S&P 500 Erase Pre-Market Gains

The bitcoin price and the wider cryptocurrency market made a fevered leap back toward their recent highs on Friday, shaking off Thursday's substantial sell-off while the Dow Jones Industrial Average, S&P 500, and other US market indices fell back into decline.

Bitcoin Price Makes another Run at $4,000

Bitcoin had been languishing near the $3,600 level for most of the day after dipping as low as $3,567 last night. However, minutes ago, the bitcoin price shot up by more than $200, taking it from 3,634 to $3,861 in a matter of seconds.

bitcoin price
BTC/USD | Bitstamp

Other large-cap cryptocurrencies made similar moves, carrying the ripple price (XRP) to $0.365 and the ethereum price to $127. As of the time of writing, the aggregate crypto market cap tallied at $128.4 billion, marking an intraday increase of more than $8 billion, or 6.7 percent.

Factors behind the rally were not immediately clear, though today is a bitcoin futures expiration date on CME, and volatility often accompanies the expiration of crypto futures contracts.

Dow, S&P 500 Erase Pre-Market Gains

bitcoin price dow jones industrial average s&p 500
Bitcoin price (blue) vs. Dow Jones Industrial Average (orange) and S&P 500 (red)

Notably, while the crypto market is not directly correlated to traditional equities, bitcoin's move to the north occurred in tandem with a stock market break to the downside.

Both the Dow and S&P 500 posted notable drops in the hours following Friday's opening bell, erasing pre-market gains that had suggested stocks would end the week on a high note. As of the time of writing, the Dow was down 85 points, or 0.37 percent, and the S&P 500 was down 0.28 percent while the Nasdaq flashed a 0.42 percent decline.

Click here for a real-time bitcoin price chart. Stay tuned for further coverage and analysis of today's crypto market rally.

Featured Image from Shutterstock. Price Charts from TradingView.

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About the author

Josiah Wilmoth
Josiah Wilmoth

Josiah is the US Editor at CCN, where he focuses on financial markets and cryptocurrencies. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He holds bitcoin, but does not engage in day trading. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.

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