Cryptocurrency recovery: over $70 billion gained
The global cryptocurrency markets gained over $70 billion on Monday as bullish investors made another attempt to pick up the pieces from last week’s carnage.
The crypto markets have had a rather tough run recently, as over $1 trillion in market capitalization was lost in the course of the recent selloff, putting paid to the astounding bullish run over the past few months.
Bitcoin was up 5 percent to $36,419 as of report time, after its second bottoming attempt where it dropped as low as $31,179 yesterday.
Bitcoin’s year-to-date returns, which previously topped over 100 percent, currently stand at 25 percent.
Ethereum, the second-largest digital asset, was up 11 percent on Monday to $2,262 after yesterday’s dip plunged it all the way down to $1,733. Ethereum’s year-to-date returns are still at an impressive 208 percent as of report time.
Prices were pulled down yesterday after crypto exchange Huobi announced it was suspending some of its services and products in certain countries and has stopped its miner hosting services in mainland China in response to the recent crackdown on crypto in that country.
New investors have mostly been on the receiving end of these losses, as many of them are new to market volatility. Recently, “should I sell my bitcoin” became one of the most frequent searches on Google, showing that several newbies are not at ease with these heavy corrections.
Crypto bulls are however now making reentries into the markets with optimism that the recent series of supposed FUD events are over, and that prices of their favourite crypto-assets are relatively cheap.
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