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Bitcoin, Ether soar as stocks surge amid gains (Cryptocurrency: BTC-USD)

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Bitcoin (BTC-USD), Ethereum (ETH-USD) and other major cryptocurrencies surge Thursday Afternoon trading as US stock market investors return to risk mode amid a spate of corporate earnings releases.

After bitcoin only touched $37.6k on April 26th (BTC USD +3.6%) has since rebounded to $40.2K at the time of writing, and Ethereum (ETH-USD +4.3%) also climbs to $2.97k.

Overall, Bitcoin (BTC-USD) is still offside 40% from its all-time high of $67.5k in mid-November, although “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” stocks by major crypto hodlers have “risen to their highest level since September of last year.”

Bitcoin (BTC-USD)’s relationship with stocks has proven strong over the past year, so it’s not surprising that all three major stock indexes are also changing hands deep in the green, with the tech-heavy Nasdaq (COMP .IND) rising the peak of megacap gains.

Crypto-related stocks rising the most during the day include: MGT Capital (OTCQB: MGTI +6.8%)SOS (SOS +7.2%)Hut 8 mining (HUT +7.0%)bit farms (BITF +5.8%)bit digital (BTBT +7.8%)CleanSpark (KLSK +5.6%)Silvergate Capital (AND +6.4%) and clients Bancorp (DICE +6.5%).

Speaking of earnings season, UK-based bitcoin miner Argo Blockchain (ARBK +9.2%) Shares are marching higher after it raised its full-year hashrate forecast.

Earlier this week (April 27), Central African Republic became the second nation to adopt bitcoin as legal tender.

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