Bitcoin climbs back above $20,000 on Sunday, after hitting an 18-month low

Bitcoin prices rallied on Sunday, breaking above the $20,000 level again after falling to an 18-month low on Saturday amid a week-long cryptocurrency rout.

jumped around 16% in the 24-hour period ending at 5:00 p.m. EST Sunday to $20,598, offsetting much of its losses from Saturday, when it slid up to $17,630, according to data from Coinbase. However, bitcoin slipped on Sunday evening, falling back below the $20,000 level, trading at $19,965 around 10:30 p.m. EST.

Ethereum ETHUSD,
prices also surged, jumping 26% in a 24-hour period to hit $1,137 as of 5 p.m. ET Sunday. But Ether also fell on Sunday evening, last trading around $1,062.

Cryptocurrencies trade around the clock and often fluctuate wildly on weekends when financial markets are closed. A number of crypto bulls called the recent fall in crypto stocks a prime buying opportunity, while critics warn that the fundamentals have not changed and it could still fall apart.

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Vinny Langham, managing director of live-streaming platform Waitroom, tweeted on Sunday: “Could mean the bottom, if it picks up/holds $20k fast by Tuesday/Wednesday. Otherwise we’re in a bear market for a while and $20,000 becomes a major resistance.

The recent crypto selloff began with the collapse of the Terra blockchain in May and coincided with the Federal Reserve raising interest rates amid recession fears, Wall Street falling into a bear market and the skyrocketing inflation.

“Is this the ‘Big One’ (BTC oblivion)? Probably not, but it will be difficult for cryptocurrencies to return to their former glory,” Managing Partner Stephen Innes wrote on Sunday. from STI Asset Management. “The irony behind this debacle is that roadshows have presented crypto as the empowering choice to opt out of the mainstream financial system, now falling prey to the system it was built for.”

Bitcoin has lost about 55% of its value since the start of the year, according to data from Coinbase, and is down about 70% from its all-time high of nearly $69,000 in November. Ethereum, meanwhile, is down 69% in 2022.

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Post expires at 2:00pm on Thursday June 30th, 2022