Cryptocurrencies bounce back: Bitcoin crosses $34,800 levels after yesterday’s crash; instils faith of investors sticking to HODL
Cryptocurrencies bounce back: Bitcoin crosses $34,800 levels after yesterday’s crash; instils faith of investors sticking to HODL
Image by Miloslav Hamřík from Pixabay

Yesterday when cryptocurrencies crashed, there were many long-term investors who said HODL, which means hold on for dear life. For all those investors who saw value in the cryptocurrencies bought them at a discounted rate as yesterday it was trading below $30,000.

For anyone who follows the funda that purchase at low rates can see their investments in cryptocurrencies rise. According to a news report, there was a tremendous inflow of cash in the crypto market in a single day. It was estimated at $198.91 billion.

At 9.13 pm IST, Bitcoin (BTC) was trading at $33,635.87, a rise of 6.93% per cent in the last 24 hours. The market capitalisation of BTC was $630.36 billion (9.13 pm IST) as against $561.61 billion at 6.33 pm IST on June 22. In the last 24 hours, the volume of BTC transactions was $52.32 billion, according to Coindesk. At 6.33 pm IST on June 22, BTC was trading at $29,931.92, a slight recovery after a major crash. It touched a 24-hour low of $29,350.33, according to Coindesk. With this fall on June 22, it was trading at a six-month low.

At 9.22 pm IST, Ethereum was trading at $1,974.36, up by 5.97 per cent in the last 24 hours. The 24-hour low of this cryptocurrency is $1,823.82.

At 9.24 pm IST, XRP, Cardano, Dogecoin and Stellar were trading at $0.616080, $1.24, $0.227, and $0.25 respectively.

After reports stated that China had started a clampdown of trading and mining of cryptocurrencies in China. There was a major sell-off in the trading platform.

The fall of cryptocurrencies started over the weekend when reports stated that China's crackdown gathered pace. It started with cryptocurrency mining projects shut down. This was followed by the latest order of China's central bank, the People's Bank of China (PBOC) that asked several major banks and payments companies to stop supporting the trading of cryptocurrencies.

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