As known from:
CoinWireICOBenchCoinCodex
Write a Review
Write a Review
Nothing Found
Contains commercial content
TradersBest.com / Bitcoin Starting to Recover from Crypto Crash Losses

Bitcoin Starting to Recover from Crypto Crash Losses

Publish Date: 28/05/2021

Bitcoin began to bounce back this week after falling to around 50% of its record high on Sunday. The latest dip came into play when the Chinese regulations tackling crypto miners forced them to halt their operations. But there was an upward trend on Tuesday morning that showed Bitcoin could return to above $40,000. The second-largest cryptocurrency, Ethereum, has also jumped up in price since the Sunday slump. But, like Bitcoin, the price has still overall dropped.

On Monday, major Chinese crypto exchange Huobi suspended its crypto mining and other trading services to new clients. Around 70% of the mining supply is created in China through different exchanges, so this added to the drop at the weekend. It is due to their government not believing cryptocurrencies are legitimate to do business with. However, residents in the country are still allowed to own cryptocurrencies.

Bitcoin accounts for more than 45% of the global cryptocurrency market. So when the price fell to as low as $32,000 on Sunday 23rd May, it added another blow to a week already inundated with dramatic financial losses. However, by Sunday evening, the price was steadily rising again. It began to recover some of what was lost that weekend. This increase has encouraged other cryptos to follow suit, like Cardano, Ethereum and the meme-inspired crypto Dogecoin, both rebounding on Monday.

Bitcoin price steadily increasing despite the previous weekend decline

At the start of this week, the crypto market rebound did have some help from Elon Musk’s comments. Although Musk recently stated that Tesla would no longer accept Bitcoin as a payment for their electric vehicles. On Tuesday, he said he has been discussing with Bitcoin miners about working on renewable energy solutions. In addition, there is the news that hedge fund billionaire Ray Dalio has invested in Bitcoin, helping to increase its value.

Last week has shown individuals and potential crypto investors how volatile digital currencies are. As it stands, cryptocurrencies cannot replace the dollar, regardless of how Bitcoin and other popular cryptos represent a cheaper and more efficient way of completing transactions.

Only a very small amount of people use Bitcoin to buy goods and services, so there is a long way to go before it is recognised as a legitimate currency. And with the recent crypto crash, Bitcoin has lost credibility and reliability for many individuals who invested their money into it.

Bitcoin has a history of making a comeback. In 2020, it was in its bull run. The price gradually climbed as the year progressed. When it got to December, the price hit around $19,000. It then took a sharp increase in value to reach its all-time high in April of approximately $63,200.

As Bitcoin bounces back, there are predictions on the price reaching new records by the end of 2021. But until then, individuals will continue to monitor its recovery in the market.

Read Also
Ethereum Posts Gains of Over 400% in 2021
It’s been a spectacular year for the Ethereum cryptocurrency having posted an ...
China announces further Crypto Crackdown Banning all Crypto Activity
Major cryptocurrencies like Bitcoin and Ethereum took yet another tumble this week ...
Chinese Authorities Continue Hunting Down Miners
Earlier this year, Chinese authorities banned crypto mining operations and ordered some ...
Why the Chinese Crypto Crackdown Will Benefit the Industry
Last month, Beijing called for tighter measures that would end bitcoin mining ...
Bitcoin Price Plummets Due to Latest Crypto Crash
The price of Bitcoin has again fallen as it dropped to a ...
Latest News
Study: how do finances shape our love life?
Do we find someone less attractive if they're ...
Is FTX Bankrupt? 
The crypto market has seen a drastic change ...
Disney Shares Jump 6% After Positive Earnings Report
A booming subscriber base and the return of ...
Alibaba Posts Flat Revenue Growth But Stock Still Jumps 6%
Chinese ecommerce giant Alibaba posted its first earnings ...
Intel Stock Slumps Over 8% Following Weak Earnings Report
Chip-maker Intel suffered a disastrous end to last ...
Top Forex Sites
Ally Invest
Ally Invest
Ally Invest Review
4.8/5
Webull
Webull
Webull Review
4.6/5
Kraken
Kraken
Kraken Review
4.3/5
Nadex
Nadex Review
3.6/5
Interactive Brokers
Interactive Brokers Review
4.8/5
Receive the latest trading news by email + our free eBook
Crypto eBook EN
Nobody is born a trading expert. Register now to receive the Ultimate Guide to Trading Cryptocurrencies in 2022 (and beyond), and receive the TradersBest.com newsletter with the latest market news and broker reviews!.

By registering, I agree that TradersBest.com may send me newsletters via email at regular intervals. This consent can be revoked at any time.
Receive the latest trading news by email + our free eBook
Nobody is born a trading expert. Register now to receive the Ultimate Guide to Trading Cryptocurrencies in 2022 (and beyond), and receive the TradersBest.com newsletter with the latest market news and broker reviews!.

By registering, I agree that TradersBest.com may send me newsletters via email at regular intervals. This consent can be revoked at any time.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Players must be 21 years of age or older or reach the minimum age for gambling in their respective state and located in jurisdictions where online gambling is legal. Please play responsibly. Bet with your head, not over it. If you or someone you know has a gambling problem, and wants help, call or visit: (a) the Council on Compulsive Gambling of New Jersey at 1-800-Gambler or www.800gambler.org; or (b) Gamblers Anonymous at 855-2-CALL-GA or www.gamblersanonymous.org.

Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This site is using Cloudflare and adheres to the Google Safe Browsing Program. We adapted Google's Privacy Guidelines to keep your data safe at all times.

21+NCPG
Close
×
Your Promo Code:
The bonus offer of was already opened in an additional window. If not, you can open it also by clicking the following link:
Visit Site