Lifts Bitcoin Above $20,000

 Swift Rebound Lifts Bitcoin Above $20,000; Caution Advised

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After a record-breaking run of falls, Bitcoin ended a 12-day slide on Sunday by battling its way back above $20,000 and taking the lead in the cryptocurrency market's quick recovery.

The biggest cryptocurrency in the world increased by 16 percent on Sunday, recovering some of the losses following a sharp decline on Saturday that saw the token fall as low as $17,599. Alternative coins from Avalanche to Solana also saw gains. Ether, which fell as low as $881 during the selloff, increased by 26 percent to $1,140. As of 8 a.m. on Monday in Singapore, the price of bitcoin was roughly $20,500, virtually maintaining Sunday's gain.

Paul Veradittakit, 

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a partner at cryptocurrency-focused hedge fund Pantera Capital, said: "I think we started to hit levels towards the bottom where institutional investors perceive a buying opportunity."

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Conor Ryder, an analyst with the research and analytics company Kaiko, stated on Friday that "the dominoes are falling now." "Further dominoes will definitely lead to more downward price movement, which will undoubtedly cause these liquidations to snowball."

Since its high last autumn, Bitcoin's value has decreased by more than 70%, as investors have turned away from speculative assets while central banks around the world have tightened their monetary policies. From a height of $3.2tn, the total market value of cryptocurrencies has fallen below $1tn. Ether's price has also fallen below $1,000, bringing this year's declines to more than 70%.

A deal to borrow more than $200 million from trading firm Alameda was signed by Toronto-listed cryptocurrency platform Voyager on Friday. Smaller lenders have also scaled back or suspended withdrawals.

Stephen Ehrlich, the CEO, stated that "today's initiatives allow Voyager additional options to offset present market difficulties."

"Voyager will only use the credit facilities if necessary to protect customer assets," he continued.

Ryder anticipates that additional market declines will increase pressure on other lenders and dealers.

It will become obvious rather quickly who was only holding on for dear life if we manage to get another leg to the ground, he said.