Bitcoin prices rallied on Sunday, breaking above the $20,000 level again after falling to an 18-month low on Saturday amid a week-long cryptocurrency rout.
jumped about 16% in the past 24 hours, as of 5 p.m. Sunday, to $20,598, reversing much of its losses on Saturday, when it slid as low as $17,630, according to data from Coinbase.
prices also surged on Sunday, jumping 26% to $1,137 as of 5 p.m. Sunday.
Cryptocurrencies trade around the clock and often fluctuate wildly on weekends when financial markets are closed. A number of crypto bulls called the recent fall in crypto stocks a prime buying opportunity, while critics warn that the fundamentals have not changed and it could still fall apart.
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Vinny Langham, managing director of live-streaming platform Waitroom, tweeted on Sunday: “Could mean bottom, if it picks up/holds $20,000 fast by Tuesday/Wednesday. Otherwise, we are in a bear market for a while and $20,000 becomes a major resistance.
The recent crypto selloff began with the collapse of the Terra blockchain in May and coincided with the Federal Reserve raising interest rates amid recession fears.
Bitcoin has lost about 55% of its value since the start of the year, according to data from Coinbase, and is down about 70% from its all-time high of nearly $69,000 in November. Ethereum, meanwhile, is down 69% in 2022.