Bitcoin on The Rise, as it Pushes Other Altcoins up After Days of Loss
- The largest cyptocurrency, Bitcoin is on the increase after days of lurking in the shadows as the US dollar bullish run stank
- Bitcoin traded above the $30,000 mark on Monday, May 30, 2022, driving other cryptocurrencies up
- The index of the dollar is stable at $101.660 on Monday, May 30, 2022, after hitting a 20-year- high of $105.010 earlier this month.
After days of being stuck below $30, 000, the largest crypto, Bitcoin rebounded on Monday, May 30, 2022, alongside other cryptocurrencies.
Bitcoin rose for the third day in a row, after smashing the $30k hurdle. It rose by 4.4 per cent to $30,441.43 per coin. While the crypto’s dominance has increased in recent months, having been outperformed by other altcoins and ether jumping above $1.9k.
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Dollar depreciation drives up cryptos' rise
Investors became encouraged as the dollar slowed down from previous weeks of bullish run and headed for its first monthly loss in five months, following investors’ reduction of bets on higher US rates which spurred rises and concerns of a global recession receding a little.
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The index of the dollar is stable at $101.660 on Monday, May 30, 2022, after hitting a 20-year- high of $105.010 earlier this month.
To make sure of this bullish divergence, ether must break the $1,900 mould as things continue to look up.
Bitcoin has been thwarted in recent months as the Federal Reserve and other central banks have shifted toward rate-hiking cycles in the face of stubbornly high inflation. The Terra ecosystem’s demise has also harmed sentiment in digital assets.
Bitcoin investors lose over N20.14 trillion in 24hrs as price fall below $40 for the first time since March
Legit.ng has reported that Bitcoin investors lost over N20 trillion in one day as prices fell below $40k for the first time since March 16th, leading to nearly 150,000 traders being cleared of their positions.
The fall in bitcoin price comes as investors weigh the risks of rising interest rates, soaring inflation and dislocation of global commerce as a result of Russia's invasion of Ukraine.
Bitcoin opened trading on Monday, March 11 with a market capitalisation of $803 billion before closing the day $754.5 billion as $48.4 billion was wiped out in hours.
Source: Legit.ng
