Over the past couple of weeks, crypto markets have seen immense volatility. A few days ago, the crypto market experienced a significant dip that hasn’t been seen in months. While the crypto crash of May 19, 2021, was significant, the recent dip crashed the price of Bitcoin down to $28,900, as per the WazirX Bitcoin price chart. As Bitcoin dipped, other cryptocurrency prices also suffered major dips. The last time Bitcoin was below the $30,000 mark was back in December 2020. This recent dip is the first time this year that Bitcoin’s price went below the $30,000 mark. However, since then the price of Bitcoin has risen up significantly, hovering around $33,000-35,000 Read on to why is Bitcoin going up after the recent sharp dip.
Why is Bitcoin going up?
The Bitcoin flash crash of June 22 where the Bitcoin Price went below $30,000 is already behind the crypto markets. A few days after experiencing the dip, Bitcoin started to rise steadily, reaching a high price of $35,000. Crypto experts believe that if this price trend continues, the Bitcoin price today could go up to $36,000 soon. The flash crash that happened over the past week was a direct result of China’s continued crackdown on Bitcoin mining and a blanket ban on cryptocurrency trading. News about China shutting down Bitcoin mining in the province of Sichuan and ordering the major banks in the country to halt cryptocurrency trading sent the prices of Bitcoin spiralling downwards, which led to the whole crypto market facing a crash a week ago.
However, since then, the price of Bitcoin has recovered to its previous levels. A small dip was seen over the last weekend as well, as Bitcoin went down to around $32,900. However, the crypto market dips during the weekend and usually recovers during the weekdays. Bitcoin’s price reached its high at $35,178, as per the WazirX Bitcoin chart. As Bitcoin’s price recovered on Monday, the price of other cryptocurrencies also recovered significantly. The Ethereum price which fell below $2000 after more than a month, climbed back to $2000 on Monday. Other major cryptocurrencies such as MATIC, VET, ALGO, and many other cryptocurrencies that lost a lot of value over the past weekdays have already recouped most of their losses. Stay tuned for more Bitcoin news and updates.