Crypto recovers slightly following sharp decline

The prices of major cryptocurrencies rose following a steep decline over the weekend. 

Bitcoin rose by 6.91 per cent today to trade at $20,662.75 while Ether jumped 8.56 per cent to trade at $1,122.26. 

Cryptocurrencies crashed over the weekend as a feared crypto winter set in. Bitcoin dropped below $20,000 to lower than $17,800 on Saturday, its lowest price since December 2020, before recovering slightly. Ether plummeted to below $900 over the weekend before jumping back up.

Industry experts said crypto prices could be seeing a bottom. Marcus Sotiriou, analyst at the UK based digital asset broker GlobalBlock said, “Bitcoin may have reached a temporary bottom or it has started a bottoming process for this bear market.” He also pointed out that lower inflation may be needed before a more sustained uptrend is seen.

Petr Kozyakov, CEO of crypto payments company Mercuryo, said that transactions had been stable. “This return to stability in volume of transactions could suggest a bottoming-out, with the price fluctuations seen over the last few days reflecting a moment of greater balance on both sides of the market – a trend that has been consistent across the major cryptocurrencies.”