The price of Bitcoin, the world’s largest cryptocurrency, rebounded and once recovered to the $22,000 level.
According to CoinMarketCap, a virtual currency information site on the 19th, the price of Bitcoin per coin was once traded at about $22,493 as of 7:10 am. As of 7:43 p.m., Bitcoin is trading at $21,691, up 3.21% from the previous trading day.
CNBC reported that the price of bitcoin is showing signs of recovery as cryptocurrency market participants remain hopeful that the contagion and collapse of the crisis that has lasted for the past few weeks is over.
According to CNBC, the Bitcoin rebound was driven by a rebound in global stock markets. Among cryptocurrencies, Bitcoin is increasingly closely linked to the stock market. US retail sales for June, announced last week, were better than expected, inflation expectations fell, and US stocks rebounded.
The price of Bitcoin, which hit an all-time high of nearly $69,000 per coin in November last year, has since plummeted, once losing nearly 70% in value. In the aftermath of this, hedge fund Three Arrows Capital, which mainly deals in virtual currency, and cryptocurrency lender Celsius, eventually filed for bankruptcy protection.
There is also a diagnosis that the transmission of the crisis is slowing in the cryptocurrency market. “The worst of the market contagion is now over, and most of the inevitable asset sales seem to be gone,” David Moreno, research analyst at market analyst firm CryptoCompare, said in a memo.
