News - Crypto recovery: Bitcoin back above $55,000

By Mike Hesp

Crypto recovery: Bitcoin back above $55,000

The crypto-crash seems to have stopped for now. Bitcoin, Ethereum and the rest of the crypto market are posting slight gains. How do things stand after the crypto market carnage?

Many crypto investors are still shaken by Monday morning's events. But in the meantime, daily numbers are coloring green again and the market is breathing a sigh of relief after the recent crash. At the time of writing Bitcoin at $55,910 and has shown a 6% price appreciation in the past 24 hours.

However, the weekly balance sheet is still dismal with a 15.8% decline in stock prices.

The leading crypto-currency is pulling the entire market up with it. Currently, the total market capitalization stands at $1.97 trillion, which is 5.1% higher than the previous day.

Ethereum is also back: The price of the second-largest crypto-currency rose 10.1% to currently $2529. On a weekly basis, however, ETH is still down 23.6% and has performed worse than Bitcoin.

The crypto-crash has left its mark, as the Fear & Greed Index shows. Just a week ago, this index was at "Greed," now it is at at 17. This year low is accompanied by "extreme anxiety" among investors.

Stronger price gains were seen in some altcoins that had been particularly hard hit earlier: Compared to the previous day, Solana (SOL) was up 20.5%, Ripple (XRP) was up 11.24% and Chainlink (LINK) was up 14.6%.

One cause of the crypto crash was apparently the interest rate hike in Japan. This triggered a global stock market crisis and sent the Nikkei on a downward spiral, causing the Japanese stock index to close with a 12% loss yesterday.

In the past, such "Flash Crashes" often provided ideal entry opportunities. How strongly courageous Bitcoin investors took advantage of them, you can read in this article.

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