RATE Group | Crypto Tidbits: Bitcoin Hits $9ks, a16z Raises $500M Crypto Fund, Ethereum 2.0 Nears
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Crypto Tidbits: Bitcoin Hits $9ks, a16z Raises $500M Crypto Fund, Ethereum 2.0 Nears

02 May Crypto Tidbits: Bitcoin Hits $9ks, a16z Raises $500M Crypto Fund, Ethereum 2.0 Nears

Posted at 04:25h in Bitcoin News by

Another week, another round of Crypto Tidbits. Bitcoin has been one of the best-performing assets in financial markets over the past week, managing to rally as high as $9,500 — over 25% higher where it started this week. Altcoins, interestingly, have underperformed the market leader, with Ethereum and XRP both gaining around 10% over the past seven days.

Crypto’s strength this week comes as the stock market has started to stagnate in the 2,800-2,900 point range, seemingly playing with the idea of a reversal as the economic outlook remains dismal, with a total of 30 million Americans filing for unemployment over the past month.

Jerome Powell, Chairman of the Federal Reserve, went as far as to say that the U.S. economy is currently in its worst rut in history due to the outbreak of COVID-19. The recovery will not be V-shaped, Powell added, asserting that it may take a while for life to return to pre-virus levels due to the long-lasting effects of the shutdown of the world’s…

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