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Bitcoin Climbs Back to $30,000 amid Broad Market Pullback

Created by TradeOr

Cryptocurrency 23 May 2022
Bitcoin suffered a few weeks of decline as it tightly followed the rest of the markets’ slump. However, cryptocurrencies ate far from being dismissed.

Longest Losing Streak

Bitcoin, the largest cryptocurrency dropped sharply following a recent crash in the digital coin market. Many perceive this as yet another opportunity to buy bitcoin at a lower price. Indeed, cryptocurrencies have indicated once again that despite shaky circumstances surrounding the stable coin TerraUSD, they are here to stay.  

Nonetheless, bitcoin endured a tough few weeks and a lukewarm weekend, staying below the $30K mark. However, it climbed back around 1.8% on Monday morning during the Asian market session. Recovering from seven straight weeks of decline, the crypto is starting to pick up again at a slow pace.  

Bitcoin in Focus

The crash over the past few weeks mainly hit the S&P 500, and this bearish stance is creating several buying opportunities for investors. While bitcoin was often claimed to be a safe-haven asset in times of inflation, this recent experience showed that digital assets follow tightly risk assets such as the Nasdaq 100. 

While bitcoin is expected to pick up, experts believe there may still be a period of instability where the coin’s value would hover in the ballpark of its recent lows. 

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