Cryptocurrency market crash: Bitcoin price to remain volatile?

Bitcoin’s price jumped over the $30,000-mark and other Cryptocurrencies were recovering following the collapse of TerraUSD

Bitcoin on Friday rose to $30,360
It fell to 16-month low of around $25,400
Ethereum was up by over 12 per cent to $2,098

Bitcoin’s price on Friday crossed the $30,000-mark and other major Cryptocurrencies nursed large losses as the collapse of TerraUSD, a so-called stablecoin, rippled through markets. The world’s most popular cryptocurrency was recovering after it fell to a 16-month low.

Crypto assets have also been swept up in broad selling of risky investments on worries about high inflation and rising interest rates. Investors’ sentiment remained fragile.

BITCOIN PRICE

Bitcoin, the largest cryptocurrency by total market value, attempted to rebound and rose 13.28 per cent up to $30,360, from the 16-month low of around $25,400 reached on Thursday.

It remains a long way below week-ago levels of around $40,000 and, unless there is a rebound in weekend trade, Bitcoin is heading for a record seventh consecutive weekly loss.

“Bitcoin recovered slightly on Friday after falling to US$26,000 in the past 24 hours. The slight growth comes as a relief for investors who watched it fall significantly. BTC finds support at US$27,000 and resistance between US$35,000 and US$40,000,” Edul Patel, CEO and Co-founder of Mudrex, said.

“The minor growth can be seen as BTC’s countertrend reversal signal; if BTC can touch above US$30,000. If that happens, the selling pressure will likely decrease in the next few days,” Patel said.

Bitcoin on Friday rose to $30,360
It fell to 16-month low of around $25,400
Ethereum was up by over 12 per cent to $2,098