Bitcoin snapped a 12-day slide, clawing its way back above $20,000 and leading the cryptocurrency market in a swift turnaround after a record-breaking string of declines.
The world’s largest cryptocurrency climbed 16% Sunday, recouping its losses from a steep drop Saturday that sent the token to as low as $17,599. Bitcoin stood at about $20,400 as of 5 p.m. in New York. Ether, which touched as low as $881 in the selloff, climbed 26% to $1,140, while alternative coins from Avalanche to Solana also enjoyed gains.
“I think we started to hit levels near the bottom where institutional investors see a buying opportunity,” said Paul Veradittakit, a partner at crypto-focused hedge fund Pantera Capital.
The crypto market is known for its wild swings -- particularly on weekends, when moves can be magnified -- and the whipsaw of the past two days provided the latest example. Analysts caution that Sunday’s respite may be brief: The overall tone remains negative, with monetary tightening...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...