After a week of relentless losses, the top two crypto coins made modest recovery on Sunday, above $20,000 and $1,000 respectively.
BTC has recovered just over 15% in the last 24 hours, rebounding from a Shocking low of $17,772 yesterday$20,482 at the time of writing, according to data from CoinMarketCap. ETH, which dropped to $898 yesterday, is up more than 25% to $1,130 on the last day at the time of writing.
The price volatility during the past week marks at least a temporary respite. Last Sunday, BTC Falls below $26,000 for the first time in a year, a negative milestone that triggered a massive sell-off. yesterday, btc $20,000. fell down from, then $19,000, then $18,000, all in one day. BTC as well as ETH continued to decline, falling to $898 as of yesterday afternoon, a massive drop of over 46% in just one week.
BTC and ETH created market conditions yesterday by falling below $20,000 and $1,000, experts say Could trigger a wave of forced liquidations, In such a scenario, large-scale investors in both cryptocurrencies would be forced to close positions on BTC and ETH derivatives products at prices too low to generate enough collateral. Such events could cause BTC and ETH prices to drop even further, leading to more liquidations, known as the “cascade effect”.
But some analysts say that BTC and ETH have temporarily halted a snowballing selloff by recovering modestly above the $20,000 and $1,000 levels today. BTC at least $13,800. can send In the current bear market.
The severity and duration of the crypto bear market is unclear. The latest crypto crash began early last month, when major coins fell with the stock market, Since then, the crypto market has struggled to recover, with each new wave of the crash causing further damage. The latest results came last week when crypto lenders Celsius And uproar Withdrawals were put on hold for all clients citing potential liquidity issues. Leading crypto investment firm Three Arrows Capital There may also be a risk of bankruptcy,
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