Bitcoin recovers, climbs 7.6% to pass $20,400

View of the representation of the cryptocurrency Bitcoin in this figure taken on May 23, 2022.Reuters / Daddle Bitch / Illustration

June 19 (Reuters)-Sunday Bitcoin rose about 7.6% from the previous close to $ 20,404, demonstrating a recovery from Saturday’s plunge.

Bitcoin, the world’s largest and most famous cryptocurrency, turned into investor concerns amid growing problems in the crypto industry and a general retreat from risky assets, this year’s lows on June 18. It is up 16.7% from $ 17,592.78. read more

Andrew Brenner, head of international fixed income at National Alliance Securities, said the rise in Bitcoin is likely the result of individual investors buying digital currencies on weekends when there are few professional traders. ..

“Some buyers think it’s a good time to enter, as Bitcoin has fallen to a level of short-term appeal,” Brenner said. He added that Bitcoin and other digital currencies remain very volatile.

Ethereum, a coin linked to the Ethereum blockchain network, rose more than 13% from its previous closing price on Saturday to $ 1,131 on Sunday, marking the lowest Ethereum price since the beginning of the year at $ 993. ..

Crypto market selling coincided with the stock slide as US stocks suffered the largest weekly decline in two years for fear of rising interest rates and the increased potential for recession.

Brenner said digital currencies weren’t a good investment when the Federal Reserve ended extensive monetary policy and tightened the dollar’s supply.

“As long as the dollar continues to rise, digital currencies aren’t what you want,” Brenner said.

Report by Akriti Sharma in Bangalore and Tina Bellon in Austin, Texas Edited by Nick Zieminski

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