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The Crypto Report: Cryptocurrencies rally as Elon Musk strikes Twitter deal

Cryptocurrencies rallied to offset some of the losses made in the last week, mirroring the two tech stock indices as Elon Musk reached a deal to buy Twitter.

Bitcoin, the largest coin by market cap, gained 4.06% to US$40,572, its highest value in four days. The cryptocurrency is trading just above its key support level, having dropped as low as US$38,338 yesterday. Ethereum also climbed, up 5.55% to US$3,001. Like Bitcoin, it is trading just above its key support level of US$3,000, and at its highest level since Thursday.

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