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Bitcoin recovers to the $20,000 mark

Bitcoin recovers to the $20,000 mark
Bitcoin recovers to the $20,000 mark (Pixabay)

The price of Bitcoin, which is considered to be the “biggest stock” of cryptocurrency, recovered to the $20,000 level on the 19th (local time).

According to Bloomberg News and cryptocurrency exchanges, Bitcoin rebounded up to 12% on the day compared to 24 hours ago. As of 4 pm (US Eastern time) on the same day (US Eastern time), Bitcoin was trading at the $21,112 level, up 11.5% on CoinDesk. Earlier, Bitcoin collapsed to the $18,000 level the previous day on Saturday, before dropping to $17,599 at one point.

Ethereum, the ‘second-ranked cryptocurrency’, which gave up $1,000 the day before, is also climbing up and down the $1,100 range with a maximum increase of 22% on the same day. An official at Pantera Capital, a hedge fund specializing in cryptocurrency, told Bloomberg that “I think it is starting to hit a level near the bottom where institutional investors are seeing buying opportunities.” On the other hand, some are warning that such a rebound is temporary.

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I am a contributor to Advancetec.co.uk. I am fascinated by technology overall, especially crypto and it's potential to disrupt the global financial system. But until that future comes, I am perfectly content immersing myself in gaming, movies, gadgets, and all of the other wonders of the modern world.