King of Cryptos: Bitcoin Makes Recovery After Failing to Record Low Over the Weekend
- Bitcoin made a marginal recovery on Monday after it fell below record five-year low, selling at $17,000
- It gained less than 1 per cent to sell at $20,000 but industry watchers say it is selling below 57 per cent year-on-year
- Bitcoin has lost 70 per cent of its value after it hit a record high in November 2021 and currently facing massive sell-offs
On Monday, June 20, 2022, Bitcoin jumped after it fell below its five years high over the weekend, but investors are still on edge due to negative cryptocurrency news and the macro reason that keeps pressure on sentiments.
The premium cryptocurrency and the largest in the world by market capitalization jumped above the $20,000 threshold on Monday, June 20, 2022. Investors said it moved slightly lower than 1 per cent to $20,005.46, Coin Metrics said.
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Hope not lost but...
CNBC reports that during the weekend, it fell to as low as $17,601.58 while ether climbed by less than 1 per cent also to $1,102.86.
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Bitcoin is still trading below 70 per cent less than the all-time high it hit in November 2021. It is selling below 57 per cent year-to-date.
Crypto enthusiasts have suggested that it could hit a record bottom but maintain that the largest cryptocurrency is inclined more towards the downside.
According to Yuya Hasegawa, a crypto market analyst at the Japanese bitcoin exchange Bitbank, Bitcoin’s weekend drop was not deep enough.
Hasegawa said the macro-environment has not really changed from last week’s FOMC meeting as there still has not been a clear sign of inflation coming down and the Fed may still drive the economy into recession by raising rates too aggressively or simply by failing to tame inflation.
Not yet Uhuru
Industry analysts said the marginal gain might be short-lived with bitcoin unable to hold above $20,000.
With bitcoin unable to hold convincingly above $20,000, industry watchers said the rally might be short-lived.
Bitcoin falls below $19k sends fear into crypto market; Here are the other biggest bitcoin crashes in history
Legit.ng reported that Bitcoin has fallen below $19,000 for the first time in 18 months, wiping off more than $240.18 billion of its value since the beginning of June, when it stood at $31,643.75.
However, it recovered slightly to trade at $19,148.61 at the time of writing data obtained from CoinDesk shows.
The most valuable cryptocurrency in terms of market capitalization has been declining since the beginning of June, and it now has a market valuation of N364.32bn, down from N604.50bn at the beginning of June.
Source: Legit.ng
