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Seeking Alpha 2022-04-28 18:53:53

Bitcoin, Ether climb as stocks rally in the midst of earnings season

Bitcoin (BTC-USD), Ethereum (ETH-USD) and other major cryptocurrencies are rising in Thursday afternoon trading as U.S. stock market investors jump back to risk-on mode amid a flush of corporate earnings releases. After reaching as low as $37.6K on April 26, bitcoin (BTC-USD +3.6%) has since grinded back up to $40.2K at the time of writing, and ethereum (ETH-USD +4.3%) is also climbing to $2.97K. Overall, Bitcoin (BTC-USD) is still off around 40% from its all-time high of $67.5K in mid-November, though "I remain cautiously optimistic, as many metrics suggest we are in an accumulation phase,” said GlobalBlock analyst Marcus Sotiriou, as quoted by Barron's. He added that "whale" holdings, or the holdings of large crypto hodlers, has "risen to its highest since September last year." When whale holdings increased in Sept. 2021, "it led to a significant increase in price in November." Bitcoin's (BTC-USD) relationship with equities has been proven to be

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