Home Stock Market Bitcoin rebounded above $ 50,000 after a string of recent losses

Bitcoin rebounded above $ 50,000 after a string of recent losses


Recovering from the recent streak of losses, bitcoin’s price surged on Monday, fluctuating above key levels as investors dismissed news of Turkish exchange’s troubles.

Bitcoin
BTCUSD,
+ 11.05%

is trading at $ 53,359, which represents a nearly 13% increase from the low of $ 47,079 at the end of Sunday. Digital assets fell 18.3% last week, the biggest drop since the week ending March 13, 2020, according to the Dow Jones Market Data Group.

CoinDesk reported That amount of buyers at the beginning of Monday hit an hourly high since April 23. The cryptocurrency is still up 81% so far.

Other digital currencies saw similar gains, with ether
ETHUSD,
+ 12.21%
,
on the ethereum network, up 12% in 24 hours to $ 2,458 and close to hitting an all-time high of $ 2,645.14. XRP
XRPUSD,
+ 15.05%
,
pegged to Ripple, which is up 7%, most recent trading at $ 1.13.

Read: How Wyoming became the promised land for bitcoin investors

Last week’s retreat for cryptocurrencies came after a period of excitement around crypto exchange Coinbase
COIN,
-0.63%

a successful direct listing on Nasdaq. Bitcoin rallied to an all-time high of $ 64,829 in mid-April, only to see the price drop to $ 10,000 within a few days and fall below the critical psychological level of $ 50,000. That said, periods of volatility for the property are not unusual, based on its history.

The blast is also attributed to reports that President Joe Biden could raise taxes on the wealthiest Americans.

Naeem Aslam, market analyst at AvaTrade, said in a client note, the threat to bitcoin “is not over yet as the 50K breach is a huge problem and some traders have become. More eager to sell into rallies.

Matt Maley, market strategist at Miller Tabak & Co., told clients in a note: “Huge failures” for bitcoin and other digital currencies are normal and should “be expected. wait, not discarded ”. He’s keeping a close eye on what he sees as key support at $ 52,000, noting that last week’s close below that was just a small amount.

And: What history says about bitcoin’s recent crash

“In other words, we’ll have to see it close further below $ 52k before we can call for a deeper drop than the 12% drop it has seen,” Maley said. , ”Maley said. Such a close will leave the bitcoin cryptocurrency vulnerable at $ 41,000, the highs seen in early January, but also the level where it will find “very strong support,” he said.

Investors watched the news previously from Turkey, where the authorities launched an international chase against Faruk Fatih Ozer, the chief executive officer of crypto exchange Thodex, who was suspend payments to the customer and leave the country.

At least 62 people have been detained across Turkey, and a lawyer for thousands of affected investors said about $ 2 billion has just “evaporated”, according to a report in Turkish Daily Haberturk. Such claims have been disputed by a statement above Thodex website, apparently from Ozer, who spoke of a “slanderous campaign with inaccurate and exaggerated language.” Only 30,000 accounts were affected, he said.

That follows one Turkey’s central bank decision earlier this month prohibiting the use of cryptocurrencies for payments since the end of April. The Central Bank of the Republic of Turkey has cited concerns about “monitoring mechanisms”, “central authority regulations”, along with the cryptocurrency markets are too volatile and risky.

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