The crypto market is increasingly unstable. One day you notice a drop, and another, a rise. Faced with these fluctuations, many investors take precautions and prefer to watch the course that things will take. However, some people are still hoping for a rebound in the crypto market.
New records for bitcoin
On May 30, bitcoin gave hope to many investors around the world. The crypto that usually shows the path crypto prices will take has finally turned green. More than good news, this change is a catalyst for many people.
Indeed, the market situation for several months is not reassuring. Investors are increasingly wondering what will happen to their tokens. With prices plummeting, the crypto sector was showing a not so encouraging face. However, the recovery of bitcoin opened up the market.
For Alex Mashinsky, CEO of Celsius Network, bitcoin has significant upside potential. Because of this, he thinks the markets will recover and a rebound in the crypto market will happen soon. Thus, inflation would only be a short-term phenomenon. To back up his sentiment, he relies on JP Morgan’s assertion which suggests that overselling cryptos may not be the best course of action right now.
Note that the market capitalization of the bitcoin (BTC) increased by 60 billion in 24 hours on May 30. In the same vein, the global crypto market rose by 3%.
The CEL token loses more than half of its value in two weeks
the cryptocurrency market is influenced by several factors. Financial institutions embracing cryptos hasn’t really been much of a help. However, these digital assets are finding ways to come back into the limelight.
With the rise in the price of bitcoin, many cryptos are now seeing their price increase. Therefore, bitcoin is certainly an important factor in the survival of cryptocurrencies. Even though investors such as the CEO of Celsius are hoping for a rebound in the crypto market, for now some are still just watching and analyzing.
The price of BTC is slowly approaching the $32,000 mark. However, when the price of the flagship crypto falls, many cryptos follow it in its descent. This is the case of Celsius’ CEL token, which lost more than 60% of its value in less than a month.
This is because users deemed the trade illiquid. So, with the price of the token already plummeting, the losses for investors were only more severe. According to journalist Jacob Silverman, Celsius Network lost $5 billion in assets under management in a very short time.
The crisis in the crypto sector leaves no one indifferent. All analysts are trying to find reliable solutions to get cryptos back on their feet. The recovery of bitcoin is already a step forward. Alex Mashinsky thinks a crypto market rebound is possible. We just have to wait and see how things turn out.
Source : finbold
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The world is changing and adaptation is the best weapon to survive in this undulating universe. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. In order to share my experience and make known a field that fascinates me, nothing better than writing informative and relaxed articles at the same time.
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