Market Update – Bitcoin Recovers Over $4,000 in 24 Hours
After a Tuesday to forget, when Bitcoin and the whole crypto market experienced 2-digit losses amid a general market crash driven by the negative news coming from China, the market has changed its direction in a matter of hours.
At the moment, the leading cryptocurrency is trading at $34,677.68 after adding 17.07% during the last day. In total, the asset has added more than $4,000 from yesterday’s level, when it dipped to $29,000.
The capitalization of the market has risen to $1.387T, up from yesterday’s $1.185T, while the Bitcoin dominance index has fallen 0.1% from yesterday’s level to 46.8%.
Despite the recent rebound, the market’s largest cryptocurrency has lost almost 13% during the past 7 days.
We don’t really know what might have caused the recent rebound. One of the positive news of the day is the one about derivatives platform Bakkt launching its own crypto Visa debit card, which will allow users to spend the cryptocurrencies from their Bakkt accounts without firstly converting them to fiat.
As far as regulation is concerned, the UK has warning against 11 cryptocurrency exchanges that are operating in the country without the appropriate license.
While yesterday we saw major losses in the crypto market, there was a very curious exception. DOT, the native token of the Polkadot project, surged 70% on Coinbase despite having much more contained gains in other platforms. Coinbase said it will look into the issue.
Now that the adoption of Bitcoin is gaining boost, CoinMarketCap has announced it is soon launching a list of crypto-friendly countries that accept Bitcoin as legal tender.
In short, Bitcoin and the entire cryptocurrency market are in a lot better position than yesterday. However, we cannot know for sure how long this rebound will last.