As of 8 p.m. on the 21st, Bitcoin is trading at $31,000 on Coinbase, the largest cryptocurrency exchange in the United States. On the domestic cryptocurrency exchange Bithumb, it is traded at 37 million won. Its market capitalization is about 68 trillion 379.3 billion won.
Other cryptocurrencies, Ether and XRP, have also rebounded 7% and 3%, respectively, in the past 24 hours.
Bitcoin fell to the $29,000 level at noon the previous day. This is the first time since the price of Bitcoin fell below $30,000 on June 22.
Bitcoin prices plummeted after a letter from the New Jersey Attorney General ordered the cryptocurrency-secured loan company BlockFi to stop opening accounts that pay interest.
“It is not yet clear why the price of Bitcoin has recovered,” CNBC said. “Cryptocurrencies often experience significant price fluctuations.”
Vijay Ayyar, Asia Pacific CEO of Luno, a cryptocurrency exchange, analyzed, “There is a possibility that it may be a ‘dead cat bounce’ that temporarily recovers while the asset continues to decline.”
He predicted that if Bitcoin does not rise above $32,000, it could fall to the $24 million level.
In an interview with CNBC, CEO Ayyar said, “We saw a broad market rally the night before.
In fact, cryptocurrencies have been on a downtrend amid growing repression by regulators around the world, CNBC noted.
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