简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Bitcoin on Sunday rose around 7.6% to $20,404 from its previous close, signaling a recovery from a sharp drop on Saturday.
Bitcoin, the world‘s biggest and best-known cryptocurrency, is now up 16.7% from this year’s low of $17,592.78 on June 18, when it tumbled on investor worries about growing troubles in the crypto industry and amid a general pull-back from riskier assets.
Andrew Brenner, head of international fixed income at National Alliance Securities, on Sunday said the rise in Bitcoin was likely the result of retail investors buying up the digital currency over the weekend, when few professional traders are working.
“Some buyers think now is a good time to get in because Bitcoin got down to a level which shows some near-term attractiveness,” Brenner said. He added that Bitcoin and other digital currencies remained extremely volatile.
Ether, the coin linked to the ethereum blockchain network, on Sunday rose more than 13% to $1,131 from its previous close on Saturday, which at $993 marked Ethers lowest price since the beginning of this year.
The sell-off in the crypto market has coincided with an equities slide, as U.S. stocks suffered their biggest weekly percentage decline in two years on fears of rising interest rates and the growing likelihood of a recession.
Brenner said digital currencies were not a good investment at a time when the U.S. Federal Reserve tightens the supply of dollars by ending expansive monetary policy.
“As long as the dollar continues to show strength, digital currencies is not where you want to be,” Brenner said.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Learn how Nonfarm Payrolls (NFP) reports impact Forex market movements, USD currency trends, and Federal Reserve interest rates, which are crucial for traders and financial analysts globally.
PayPal completes its first PYUSD business payment, showcasing the future of stablecoin adoption in global business transactions and cross-border payments.
This article explains the ins and outs of a cherry-picking scheme that happens widely in the financial markets. Understanding how cherry-picking works and spotting the warning signs can help traders protect themselves from these deceptive practices.
The Belgian Financial Services and Markets Authority (FSMA) has issued a public warning about a growing form of fraudulent activity known as "recovery room fraud." The FSMA has identified seven companies suspected of engaging in recovery room scams.