BTC climbs back to $58,000 amid crypto rebound
Because of the fear of the new Covid virus, the cryptocurrency started to decline drastically towards the end of last week. However, on Monday, cryptocurrency started to rebound, and bitcoin reached a price of more than $58,000. It ended at 5.8% higher than last week’s closing price and had a price of $58,136.63. Also, another cryptocurrency is expected to rise in its prices, and they were also showing a green line. The second most popular cryptocurrency, Ethereum, also increased its price by 7% and reached a price of $4419.63. Apart from this, XRP increased by 6% and stood at around $.99 According to the head of Asia Pacific, who is currently working at the cryptocurrency exchange, Luno said that the new Covid variant is highly muted. However, it will come with milder symptoms and will have a positive influence on the cryptocurrency market.
In an email through the head of Asia Pacific, he mentioned that according to the news, the newer variant of the Covid virus is potentially weaker than the earlier one. It is all because it shows fragile systems, and therefore, it has boosted the confidence of cryptocurrency investors. As a result, the market is expected to make a comeback soon, and the prices of cryptocurrencies will increase drastically. Also, because of the weaker symptoms of the new Covid variant, the investors have started to buy the dip to make profits when the price goes up. Last week, the price of bitcoin fell to $53,549, which is the lowest price since the beginning of October. It all happened because of the sell-off in the stock market as a lot of investors were afraid of the new Covid Variant.
Earlier this month, the prices of the largest cryptocurrency in the world increased as high as $69,000. However, due to the fears of the new COVID-19 virus and some other reasons, bitcoin prices started to decline. It experienced a downfall of more than 20% in its all-time high price. The bearish market was about to approach. This market phase is about to approach when the price of an asset decreases by 20% or more than its all-time highest price. Due to some reasons, the investors lost faith in bitcoin and other cryptocurrencies.
Along with bitcoin, other cryptocurrencies also suffered and therefore, the market was all shattering. However, the new COVID-19 virus is not as dangerous as predicted due to the recent news. Therefore, investors have started to purchase cryptocurrencies like bitcoin at lower prices to sell them at higher ones and make profits. Therefore, the investors have started to purchase the cryptocurrencies like bitcoin at lower prices to sell them at the higher van and make huge money.
The new Covid variant was first discovered in South Africa and has spread to multiple world countries. The new Covid variant is found in these countries, including Germany, Italy, and the United Kingdom. Some countries like the United States and the United Kingdom have a restricted number of people travelling from a few African countries. Apart from this, England has also taken some essential steps to stop the spread of the new Covid variant. It has made it compulsory for every person to wear a mask at any public place or transport. Dr Angelique from, South Africa, the first person to detect the new variant of the Covid virus, said that the symptoms are high minded. Therefore, the potential of returning COVID-19 restrictions is about to approach between the holidays.
According to the head of Asia Pacific, the global environment affects the market to a large extent. Every receipt contains an asset that fluctuates more openly than any other stable asset experiences increase and decreases in its prices due to global uncertainties. Whenever there is something approaching that can pose a severe threat to the global economy, it leads to the downfall of the cryptocurrency and stock markets. On the contrary, we can also see that the uptrend is also solid when the prices bounce back. We can see the same thing with bitcoin approaching back to the $58,000 mark on Monday at Immediate-edge .
According to experts and analysts, when bitcoin starts to decrease $48,000-$50,000 from the total market capitalization daily, there are certain chances for a bearish market phase to approach. However, as the prices have increased recently, we are still in the bullish market phase. Also, bitcoin prices are further expected to increase rather than go down.
Story by Jean Nichols