Over the past weekend, Bitcoin experienced one of its most disappointing performances in months, dipping below the $60,000 mark. However, it has since bounced back and is currently trading above $66,000.
Many alternate coins experienced deeper declines initially but are currently bouncing back. Notable gainers include Solana (SOL), Theta Network (TON), Ethereum (ETH), Uniswap (UNI), Polygon (MATIC), and Bitcoin Cash (BCH).
BTC Rebound Starts
In the last three days, there have been numerous discussions about the recent events. Initially, Bitcoin remained stable on Friday with prices hovering around the $70,000 to $71,000 range. However, the situation took a turn when some Fed branch presidents expressed their views that the Federal Reserve is unlikely to lower interest rates in the near future.
Bitcoin, like many markets, responded swiftly. The value of the cryptocurrency dropped approximately $6,000, reaching a level of $65,000. However, on Saturday, it regained some ground and was above $67,000. Unfortunately, the situation between Iran and Israel deteriorated rapidly, leading to renewed tensions and causing Bitcoin to slide once more.
A significant drop caused Bitcoin (BTC) to plummet to a new low of $61,000 in the past few weeks, marking another major decline. This downturn brought increased volatility on Sunday, resulting in substantial losses for approximately half a billion dollars in open positions.
The beginning of this week’s business proceedings has brought better news, with Hong Kong delivering encouraging updates. As a result, Bitcoin’s value has surpassed $66,000, marking a 2.5% increase in the previous 24-hour period.
The company’s market value now exceeds $1.3 trillion, but its control over the alternative assets has slipped to 51.3%.
Alts Turn Green, too
During the weekend, the value of alternative coins took a harder hit, but current conditions are looking up. The second largest digital currency dipped below $3,000 during the market downturn on Saturday, but has since rebounded to $3,250 as of now, marking a 5% growth in just one day.
Significant advances are seen in coins such as Toncoin (up by 10%), Bitcoin Cash (with a 12% increase), Solana (gaining 7%), Uniswap (up by 8%), and MATIC (advancing 7%), among others.
Since Saturday’s low, the overall value of the cryptocurrency market has regained approximately $200 billion and currently stands at around $2.54 trillion according to CoinMarketCap.
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2024-04-15 11:36