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    Home » Bitcoin’s Price Rebound to Above $31,000 Likely a “dead cat bounce” Says Ayyar
    Crypto News

    Bitcoin’s Price Rebound to Above $31,000 Likely a “dead cat bounce” Says Ayyar

    July 21, 20211 Min Read
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    Bitcoin and other cryptocurrencies rebounded on Wednesday after a massive sell-off, with the world’s biggest digital coin recovering back over $30,000.

    • The price of bitcoin increased by 6.9% in the last 24 hours to $31,539 at 10a.m ET. Smaller cryptos ether and XRP recovered, increasing by 9% and 6% respectively.
    • The crypto market plunge became news after the New Jersey attorney general ordered crypto lending firm BlockFi to stop providing interest-bearing accounts.
    • The reason for the rebound on Wednesday is still uncertain. Cryptocurrencies are volatile and undergo a flurry of price swings.
    • Vijay Ayyar, head of Asia-Pacific at cryptocurrency exchange Luno describes the upward price movement as a dead cat bounce, where an asset recovers slightly from prolonged decline before continuing to slip.
    • Ayyar expects further price drop, with major cryptocurrency potentially slumping as low as $24,000-$25,000.

    Cryptocurrencies are likely to continue with a downward trajectory amid growing crackdown from governments and regulators across the world.

    BTC USD gains +6.77%, ETH USD gains +7.81%, XRP USD up +6.10%

    Source: CNBC.

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