The price of Bitcoin is showing signs of a rebound, briefly surpassing $97,000, thanks to a rally in the U.S. stock market.
According to CoinMarketCap, a global cryptocurrency market data site, as of 8 a.m. on the 2nd, Bitcoin was trading at $96,399 per unit. This is an increase of 2.37% from 24 hours ago and 3.16% from a week ago.
The price of Bitcoin fell to $93,000 on the 30th of last month but rebounded immediately, surpassing $97,000 around midnight on the 2nd. The leading altcoin Ethereum rose to $1,837 at a similar time, increasing by 2.37% from 24 hours ago.
This upward trend is analyzed as a result of the recent U.S. stock market rebound and pressure from U.S. President Donald Trump for interest rate cuts. The U.S. stock market plunged 2% at the start of the day on the 30th due to negative growth outlooks, but all major indexes rose except for a 0.09% decline in the Nasdaq. The Nasdaq closed on the 1st up 1.52% at 17,710.74.