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Value of cryptocurrency rises more than $14bn in 24 hours

Bitcoin was up more than 10 per cent from 24 hours previously, trading at $6,569.17

Cryptocurrency prices have picked up even as equity markets continue to come under pressure as the coronavirus pandemic weighs on investors’ sentiment.

Bitcoin was up more than 10 per cent from 24 hours previously, trading at $6,569.17 according to data from Coindesk.

Ethereum was up more than 7 per cent while XRP saw a more than 5 per cent rise in its price.

The entire value of the cryptocurrency market rose more than $14bn in 24 hours to reach $182.62bn, according to data from Coinmarketcap.com.

This came after cryptocurrencies took a beating earlier this month. On March 8, the whole market sold off following a plunge in oil prices. Then on March 12, cryptocurrencies saw $93.5bn wiped off their value in 24 hours and a 48 per cent crash in the price of Bitcoin.

Over the past few years, Bitcoin has been called “digital gold” and has been seen by some as a safe haven asset in which to invest when markets are under pressure. But Bitcoin, which is still priced lower than at the start of the year, appeared to be behaving more like a risk asset such as an equity.

Stocks in Europe and the US closed lower again on Monday, March 23, with cryptocurrencies opposing the trend.

In Asia, stocks were higher after the US Federal Reserve announced an open-ended asset purchase programme to support markets as the number of coronavirus cases globally continues to rise.

FURTHER READING: Ethereum price analysis: $148.00 key weekly pivot

FURTHER READING: Bitcoin surpasses $9,100

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