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Bitcoin (BTC) rebounds but struggles to hold above $20,000

admin by admin
June 20, 2022
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Bitcoin (BTC) rebounds but struggles to hold above $20,000
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Bitcoin continues to trade around $ 20,000 and investors are always aware of where the price will go next.

Nurphoto | Getty Images

Bitcoin It soared 10% after a plunge on Monday over the weekend, but has been hunting down investors and continuing to bully at around $ 20,000.

According to CoinDesk data, the world’s largest cryptocurrency was trading at $ 20,648.50 at 5:14 am ET. In the last 24 hours, Bitcoin has significantly exceeded $ 20,000 and has fallen to $ 18,261.75.

Over the weekend, Bitcoin fell to $ 17,601.58.

in the meantime, ether According to CoinDesk data, it surged more than 16% and traded above $ 1,131.63 at 5:14 am ET.

Investors welcome the rebound, but Bitcoin is about 70% below its record high in November last year, down 57% to date.

“Dead cat bounce”

Industry watchers said the rally could be short-lived, as Bitcoin can’t be convincingly held above $ 20,000.

Vijay Ayyar, vice president of corporate development and international affairs for cryptocurrency exchange Luno, told CNBC that “this is likely a dead cat bounce” unless Bitcoin’s price exceeds $ 23,000 per day. rice field.

“It was oversold, so we expected a bounce,” he said.

The wider crypto market Suffering from many problems In the last few weeks The collapse of the algorithm stablecointerraUSD And related token Luna.

Currently, crypto lending companies that promise high yields to users to deposit digital coins are attracting attention. Last week, Celsius, which manages 1.7 million clients and nearly $ 12 billion in crypto assets, suspended the withdrawal of client funds. Spark concerns that it is bankrupt..

Cryptocurrency companies have announced rounds of layoffs in the midst of market downturn. Cryptocurrency wallet and exchange Coinbase last week Reduce 18% of full-time work.. A lending company called BlockFi said it last week Dismiss one-fifth of staff..

Macroeconomic factors such as high inflation and future rate hikes from the US Federal Reserve are also affecting the market.

“If inflation is right in front of us and interest rates are being raised offshore, there is a high risk of a recession,” CryptoCompare CEO Charles Hayter told CNBC in an email.

“I’m pulling you a higher rate of stealing cash from mortgage owners means people are psychologically supportive and rejuvenated, and digital assets are suffering that way. . “

“Coupled with this, the recession of the digital asset ecosystem has revealed many systematic problems.”

The bottom of the market?

Given the sharp drop in cryptocurrency prices over the past few weeks, some observers said the market could be near the bottom.

Giles Keating, director of Bitcoin Suisse, said on CNBC’s “Squaw box europe“On Monday, we are approaching a point where some of the actual excess leverage could be kicked out of the system and bottomed out.”

Leverage is a transaction in which an investor effectively uses the borrowed money to make a transaction. This means that investors can increase their exposure to positions with less initial capital. However, this is considered a risky trading instrument as investors need to secure sufficient capital to meet the so-called margin requirements. Otherwise, their positions will be closed automatically. These liquidations are seen as a major factor behind market movements.

Keating said there was still a risk of further liquidation, but he believes most of the sales are over.

“Some people have warned that we aren’t there yet, and that if we fall sharply, we’ll see another wave of liquidation,” Keating said.

“There is always a risk, but given the very large double-digit rebounds we’ve seen with Bitcoin, especially Ether, many of these very large clearings are now complete and the base is actually formed. And confirm that it has.”

Tags: BitcoinBitcoin / USD Coin MetricsBlockchainBTCBusiness newsCryptocurrencyEthereumEthereum / USD Coin MetricsholdMarketreboundsstrugglestechnology
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