Bitcoin rebounds to the $20,000 level and Ethereum is back to the $1,000 level
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Answer Bitcoin rebounds to the $20,000 level and Ethereum is back to the $1,000 level
The crypto market suffered a painful weekend, after which Bitcoin fell to the levels of $ 17,000, and most of the altcoins followed, which also performed poorly.
But Bitcoin managed to rebound to the $20,000 level and close above it, and Ethereum also managed to get back to the $1,000 level.
Bitcoin has recovered just over 8% in the past 24 hours, as the coin has rebounded from a shocking low of $17772 yesterday, to $20,002 at the time of writing, according to CoinMarketCap data.
Ethereum price also recovered, which fell to $898 yesterday, rebounding more than 12% to return to trading above the $1,000 level.Read:DeepBrainChain CEO: We need funding to keep the project going
Price volatility suggests at least a temporary reprieve from the stark downside trajectories of the past week.
Last Sunday, the price of bitcoin fell below $26,000 for the first time in a year, a negative milestone that led to a massive selloff.
Yesterday, Bitcoin dropped below $20,000, then $19,000, then $18,000, all in one day.
The price of Ethereum has fallen fairly steadily along with Bitcoin, with the price dropping to $898 yesterday afternoon, a drop of more than 46% in just one week.
By dropping below $20,000 and $1,000 yesterday, Bitcoin and Ethereum created market conditions that experts said could lead to a wave of forced liquidation.
In such a scenario, large-scale investors in the cryptocurrency market are forced to close their positions on crypto-derivative products, with prices too low to generate sufficient collateral.
Usually such events push Bitcoin and Ethereum prices further lower, leading to more liquidations, in what is known as the cascade effect.
But by recovering, albeit marginally, to levels above $20,000 and $1,000 today, Bitcoin and Ethereum temporarily halted a bullish sell-off that some analysts said could send Bitcoin to the $13,800 level in the current bear market.Read:Activating an important upgrade of the Litecoin blockchain that helps add more privacy
The intensity and duration of the cryptocurrency bear market is still unclear.
The latest crash of cryptocurrencies began early last month, when the major currencies plummeted along with the stock market.
Since then, the cryptocurrency market has been struggling to recover, with each new multiplier effect of the crash causing more damage. The latest fallout came last week when crypto lenders Celsius and Babel froze withdrawals for all clients, citing liquidity problems.
The major crypto investment company “Three Arrows Capital” may also be at risk of bankruptcy, as we previously mentioned in the Arab Bitcoin.
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