New Delhi:After witnessing free fall for weeks, Bitcoin finally managed to rebound past $20,000 per digital coin on Monday, around 16 per cent gain over the weekend.<\/p>\n\n\n\n
The rally came after Bitcoin, the largest cryptocurrency by market capitalisation, dropped below $18,000 per digital coin on Sunday — a massive over 70 per cent drop from its record high of $68,000 in November last year — as mayhem in the crypto market continued.<\/p>\n\n\n\n
The global market cap of cryptocurrencies sank below $850 billion, which recently hovered over $1 trillion.<\/p>\n\n\n\n
The second-largest cryptocurrency Ethereum also fell below $1,000 on Sunday, down nearly 80 per cent since its all-time-high in November last year.<\/p>\n\n\n\n
On Monday, Ethereum also rebounded to reach $1,133, a 20 per cent gain over the past 24 hours.<\/p>\n\n\n\n
The latest crypto crash is happening as investors are afraid of global macroeconomic conditions and the US Federal Reserve is trying to curb rising inflation.<\/p>\n\n\n\n
Overall, the prices of top cryptocurrencies declined as much as 35 per cent last week in the wake of economic recession fears.<\/p>\n\n\n\n
The global market cap of cryptocurrencies sank below $850 billion, which recently hovered over $1 trillion.<\/p>\n\n\n\n
According to analysts, Bitcoin may hit a grim $14,000 this year.<\/p>\n\n\n\n
The likely bottom range at $14,000 would represent a drop of around 80 per cent for Bitcoin from the $68,000 all-time high.<\/p>\n\n\n\n
According to Coindesk, Bitcoin has historically experienced periods of asymptotic price run-ups followed by steep crashes, “typically played out over several months to two years”.<\/p>\n\n\n\n
Cryptocurrency watchers refer to these periods as “cycles”.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Delhi:After witnessing free fall for weeks, Bitcoin finally managed to rebound past $20,000 per digital coin on Monday, around 16 per cent gain over the weekend. The rally came after Bitcoin, the largest cryptocurrency by market capitalisation, dropped below $18,000 per digital coin on Sunday — a massive over 70 per cent drop from […]<\/p>\n","protected":false},"author":1,"featured_media":274862,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-274861","post","type-post","status-publish","format-standard","has-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/274861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/comments?post=274861"}],"version-history":[{"count":0,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/posts\/274861\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media\/274862"}],"wp:attachment":[{"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/media?parent=274861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/categories?post=274861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nagalandpost.net\/index.php\/wp-json\/wp\/v2\/tags?post=274861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}