bitcoin
Bitcoin (BTC) $ 20,179.00
ethereum
Ethereum (ETH) $ 1,134.25
tether
Tether (USDT) $ 1.00
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 221.04
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.335423
cardano
Cardano (ADA) $ 0.470385
solana
Solana (SOL) $ 35.12
dogecoin
Dogecoin (DOGE) $ 0.065683

Bitcoin Recovers $7,000 After Saturday’s Price Drop

Bitcoin (BTC) surged by $7,000 after Saturday’s price drop in which the virtual currency fell below $43,000 for the first time since October 2021. Nonetheless, is already being traded at around $49,500, showing that the virtual currency fastly recovered from the recent price correction. 


Recovers After Falling To $42,500

Bitcoin, the largest cryptocurrency in the world, was hit this weekend when its price fell below $43,000 for the first time in months. Despite bears calling the end of the bull market, fastly recovered $7,000 in the last few hours, showing that bulls are still there ready to buy the next dip. 

El Salvador was one of the countries to buy below $50,000. Nayib Bukele, the President of El Salvador, announced that the country purchased 150 coins at an average USD price of $48,670. 

Other cryptocurrencies were also able to recover part of the value lost over the last few days. However, Ethereum (ETH) seems to be one of the least affected by the recent bear reaction of the market. 

The second-largest cryptocurrency in the world remained very stable and it only fell for a few minutes below $4,000. At the moment, the digital asset is being traded above $4,200 and it is one of the best performing cryptocurrencies among the top 10. 

There are some reasons for holders to be bullish. According to reports by Zerohedge, UBS considers that ETH options are dominated by a single large 15k strike worth around $400 million in premium. As per UBS, this setup could suggest a reacceleration above all-time highs that could create a gamma-driven surge. 

This could be one of the reasons why became one of the best-performing assets in recent days, registering gains against almost every single cryptocurrency among the top 10. In the last 24 hours, Ethereum surged by over 8.2%. Luna, instead, registered a growth of 32.7% in 24 hours and surged by 12.9%. 

was only able to recover 5% of the price it lost in recent hours. The total cryptocurrency market valuation is up by 6% in the last 24 hours. It is now just a matter of understanding whether Bitcoin and cryptocurrencies could be affected by traditional financial assets.

Let’s not forget that several large central banks around the world are already starting to taper after massive QE over the last 2 years. This could have a negative impact on financial markets, which could then affect digital assets as well. 

Share:

Leave a Reply

Your email address will not be published.

Recent Highlights

USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 20,179.00
ethereumEthereum (ETH)
$ 1,134.25
tetherTether (USDT)
$ 1.00
xrpXRP (XRP)
$ 0.335423
litecoinLitecoin (LTC)
$ 52.32
dogecoinDogecoin (DOGE)
$ 0.065683
bitcoinBitcoin (BTC)
19.066,33
ethereumEthereum (ETH)
1.071,71
tetherTether (USDT)
0,945805
xrpXRP (XRP)
0,316928
litecoinLitecoin (LTC)
49,44
dogecoinDogecoin (DOGE)
0,062061
bitcoinBitcoin (BTC)
16,389.18
ethereumEthereum (ETH)
921.23
tetherTether (USDT)
0.813002
xrpXRP (XRP)
0.272427
litecoinLitecoin (LTC)
42.49
dogecoinDogecoin (DOGE)
0.053347

Recent Highlights