Bitcoin Bounces Above $ 50,000 After Recent Series Of Losses

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Recovering from a recent series of losses, bitcoin prices surged on Monday, hovering above a key level as investors ignored news of trouble for a Turkish exchange. Bitcoin BTCUSD, + 10.98% traded at $ 53,359, representing a bounce of about 13% from a low of $ 47,079 on Sunday night. Digital asset fell 18.3% last week, its biggest drop since the week ending March 13, 2020, according to Dow Jones Market Data Group.

CoinDesk reported that buyer volume early Monday hit the highest hourly levels since April 23. The cryptocurrency is still up 81% to date. Other digital currencies were seeing similar gains, with ether ETHUSD, + 11.97%, on the ethereum network, increasing 12% in 24 hours to $ 2,458 and approaching an all-time high of $ 2,645.14. XRP XRPUSD, + 14.45%, which is pegged to Ripple, was up 7%, last trading at $ 1.13. Read: How Wyoming Became the Promised Land for Bitcoin Investors Last week’s pullback for cryptocurrencies came after a period of euphoria around Coinbase’s COIN, a -0.63% successful direct listing on the Nasdaq. Bitcoin climbed to an all-time high of $ 64,829 in mid-April, only to see prices drop $ 10,000 in a few days and drop below a key psychological level of $ 50,000. That said, periods of volatility for the asset are not unusual, given its history. The fallout was also attributed to reports that President Joe Biden could raise taxes on the wealthiest Americans. The threat to bitcoin “is not over yet as the 50K breach is a big deal, and some traders have become more eager to sell at rallies,” Naeem Aslam, AvaTrade’s chief market analyst, said in a note. to the clients. “Very big setbacks” for bitcoin and other digital currencies are normal and should be “expected, not discounted,” Matt Maley, chief market strategist at Miller Tabak & Co. told clients in a note. He keeps an eye out for what he sees is key support at $ 52,000, noting that last week’s close below that level was only by a small amount. Y: What the story says about the recent bitcoin crash “In other words, we’ll have to see it close further below that $ 52k level before we can call for a deeper drop than the 12% drop you’ve already seen. “Maley said. Such a shutdown would leave the cryptocurrency bitcoin vulnerable to $ 41,000, a high seen in early January, but also a level where it should find “very strong support,” he said. Investors ignored the news from Turkey, where authorities allegedly launched an international manhunt for Faruk Fatih Ozer, CEO of crypto exchange Thodex, who stopped payments to clients and left the country. At least 62 people have been detained across Turkey, and a lawyer for the thousands of affected investors said that approximately $ 2 billion had “evaporated,” according to a report in the Turkish daily Haberturk. Those claims were refuted by a message on Thodex’s website, apparently from Ozer, who spoke of a “smear campaign with inaccurate and exaggerated speeches.” He said only 30,000 accounts have been affected. That follows a decision by Turkey’s central bank earlier this month to ban the use of cryptocurrencies for payments from the end of April. The Central Bank of the Republic of Turkey cited concerns with “supervisory mechanisms”, “central authority regulation”, along with excessively volatile and risky cryptocurrency markets.