Bitcoin was recently trading at about $20,600, up approximately 1% and far removed from the five-year low under $18,000 to which it plummeted on Saturday, yet analysts were pessimistic the latest rally would last. TheSamReynolds and JPRubin23 report
So far, so good this week in crypto markets, but investors may not want to raise their hopes too much for a long-term rebound.
Still, analysts were pessimistic of the rally's staying power, noting a rise in volatility perhaps tied to large investors buying the recent price dips and the continuation of underlying conditions, including the global turbulence, rising prices and recession distress that have plagued crypto markets for the past eight months.
"Last week was bad," Jeff Dorman, chief investment officer of digital investment management firm Arca, told CNBC."It was not unprecedented in the sense that we've had multiple 30% to 50% moves in short periods of time. But it was historically bad in the sense that it was the first time it was happening in conjunction with bad things happening everywhere else."
Cryptos' price increases dovetailed with equity markets, which rose amid investors' likely, temporary return to riskier assets. The tech-focused Nasdaq climbed 2.5%, while the S&P 500, which has a heavy tech component, rose nearly the same.
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