Business News Asia
The bitcoin price has risen back above $20,000 this morning after falling from that level on Saturday (June 18) for the first time since December 2020.
Bitcoin price jumped 5.80% to $20,217.56.
Andrew Brenner, an analyst at National Alliance Securities, said a wide range of investors, including institutional and retail investors, took the dip. Bitcoin prices fell sharply over the weekend.
“Some buyers think now is a good time to get in because Bitcoin got down to a level which shows some near-term attractiveness. As long as the dollar continues to show strength, digital currencies is not where you want to be,”said Brenner.
In the past, Bitcoin and other cryptocurrencies have fallen sharply due to fears that the global economy was heading into a recession.
Bitcoin prices have also been pressured by news reports that Celsius Networks has temporarily suspended withdrawal services and transfers between all accounts as the crypto market faces high volatility. Celsius Networks is one of the largest cryptocurrency lending platforms in the world.
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Monday, June 20, 2022