Bitcoin price: ‘Relief’ as the cryptocurrency soars 18% from its year-low

Bitcoin price: ‘Relief’ as the cryptocurrency soars 18% from its year-low

London, UK — Bitcoin’s price has risen by around 8% in the previous week, putting it roughly 18% above its lowest point of the year, around $26,700. After spending most of the month in a bear market, the world’s largest cryptocurrency is now worth around $31,500.

Following the crypto market crisis precipitated by the uncoupling of so-called stablecoin TerraUSD (USDT) from its dollar peg, the leading cryptocurrency fell to its lowest point this year on May 12th, sliding in value to around $26,750. On Monday, Mauro Settimo Carini, a cryptocurrencies expert said, “Bitcoin broke over $30,000, but it has to maintain the $29,300 mark on a retest to signal continuing to the higher.”

Mr Sotiriou was reported by CoinDesk as stating, “Relief has been long needed in the crypto market, since the US stock market already recovered last week after [US Federal Reserve Chairman] Jerome Powell’s speech that offered the market clarity on their plans to carry out a gentle economic landing.”

In the previous 24 hours, Ethereum has gained roughly 4% in value and is now worth $1,970. In the previous day, the whole crypto market has increased by around 3%. Bitcoin has gained 3% in the previous day, bringing it closer to the $32,000 barrier. Over the previous 24 hours, the prices of the most popular cryptocurrencies have fluctuated (Coin Market Cap)

Over the previous 24 hours, the prices of the most popular cryptocurrencies have fluctuated (Coin Market Cap) However, this is still more than half of the way down from the cryptocurrency’s all-time high of almost $67,000 in November.

Following the crypto market crisis earlier this month, which saw over $1.5 trillion wiped from the market, some analysts warned that another “crypto winter” akin to the one that occurred in 2018, another “crypto winter” might be on the way.

Bitcoin began to show signs of recovery in the week following the meltdown, reclaiming a market capitalization of $600 billion on Tuesday. Following news that key Chinese cities, including Beijing, and financial sectors like Shanghai, have begun to reduce pandemic restrictions after months of severe lockdowns, Asian shares have risen.

According to analysts, the loosening of Chinese city lockdowns might lead to an increase in consumer spending, causing cautious optimism. “Technically, we remain cautiously positive in the immediate run.” “Bitcoin is heading at $36,000, maybe $40,000, if it stays above the recent $25,400 low,” said Mauro Settimo Carini.

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