Home / Business and Economy / Crypto Rally Cools: Profit-Taking Hits Bitcoin, Ethereum
Crypto Rally Cools: Profit-Taking Hits Bitcoin, Ethereum
16 Apr
Summary
- Bitcoin opened at $74,813.22, up 0.9% from Wednesday.
- Ethereum opened at $2,359.95, up 1.6% from Wednesday.
- Crypto credit cards offer rewards in cryptocurrency instead of traditional points.
Bitcoin (BTC-USD) and Ethereum (ETH-USD) saw their opening prices rise on Thursday, with Bitcoin at $74,813.22 (up 0.9%) and Ethereum at $2,359.95 (up 1.6%). This upward trend followed a recent announcement of a two-week ceasefire between the U.S. and Iran, which had previously boosted cryptocurrency values.
However, by 7:15 a.m. ET on Thursday, both digital currencies experienced a slight retreat as many traders opted to secure profits. This profit-taking activity tempered the rally, with the cryptocurrency market showing a more cautious approach compared to equities, as evidenced by the S&P 500's record-setting performance the previous day.
The article also touches upon crypto credit cards, which function similarly to traditional credit cards but offer rewards in cryptocurrency. Purchases made with these cards earn a percentage back, which is then converted into Bitcoin or another digital asset based on its current market value. The primary benefit highlighted is the potential for these crypto rewards to appreciate in value over time.
