{"id":446577,"date":"2022-05-13T20:44:15","date_gmt":"2022-05-13T17:44:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-cryptocurrencies-rebound-after-brutal-crypto-crash\/"},"modified":"2022-05-13T20:44:15","modified_gmt":"2022-05-13T17:44:15","slug":"bitcoin-cryptocurrencies-rebound-after-brutal-crypto-crash","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-cryptocurrencies-rebound-after-brutal-crypto-crash\/","title":{"rendered":"#Bitcoin, cryptocurrencies rebound after brutal crypto crash"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a292f77f04e1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a292f77f04e1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-cryptocurrencies-rebound-after-brutal-crypto-crash\/#%E2%80%9CBitcoin_cryptocurrencies_rebound_after_brutal_crypto_crash%E2%80%9D\" >&#8220;Bitcoin, cryptocurrencies rebound after brutal crypto crash&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CBitcoin_cryptocurrencies_rebound_after_brutal_crypto_crash%E2%80%9D\"><\/span>&#8220;Bitcoin, cryptocurrencies rebound after brutal crypto crash&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Bitcoin and other cryptocurrencies rebounded Friday as investors bought the dip in hopes that the market had bottomed out after a brutal week.<\/p>\n<p>The world\u2019s most popular cryptocurrency, Bitcoin, was up 5.8% over the previous 24 hours at $30,600 as of late Friday morning, while Ethereum gained 8.0% to trade at $2,110. \u00a0<\/p>\n<p>Smaller cryptocurrencies notched even bigger gains. Solana surged 23.3% to $55.62 and XRP was up 19.8% at $0.45.\u00a0<\/p>\n<p>\u201cI think we\u2019ve seen the bottom in prices for most cryptos,\u201d Marc van der Chijs of First Block Capital told The Post.\u00a0<\/p>\n<p>Despite Friday\u2019s bump, most cryptocurrencies are still trading at mere fractions of their all-time highs. Rising interest rates and investor doom-and-gloom about a potential recession have battered risky assets in recent weeks.\u00a0<\/p>\n<p>Van der Chijs said that this week\u2019s crash \u2014 which saw bitcoin trade as low as $25,400 on Thursday \u2014 was due to market-wide turmoil as well as a perfect storm of crypto-specific factors, including the implosion of so-called \u201cstablecoin\u201d TerraUSD and a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/watch-movies-tv-seriess\/\" data-internallinksmanager029f6b8e52c=\"8\" title=\"Watch Movies &amp; TV Series\" target=\"_blank\" rel=\"noopener\">series<\/a> of margin calls that forced crypto investors to sell off their bitcoin stakes.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/bitcoin-25.jpg?w=1024\" alt=\"\u201cI think we\u2019ve seen the bottom in prices for most cryptos,\u201d Marc van der Chijs of First Block Capital told The Post. \" class=\"wp-image-22260700\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/bitcoin-25.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/bitcoin-25.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/bitcoin-25.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>\u201cI think we\u2019ve seen the bottom in prices for most cryptos,\u201d Marc van der Chijs of First Block Capital told The Post. <\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>The investor and consultant said retail traders are now buying into smaller cryptocurrencies like Dogecoin \u2014 which is up 13.3% over the past 24 hours \u2014 while larger investors are pouring into heavily discounted bitcoin.\u00a0<\/p>\n<p>\u201cIf you look at bitcoin, it\u2019s mainly big institutions buying,\u201d he said.\u00a0<\/p>\n<p>Even after Friday morning\u2019s surge, bitcoin was down 9.6% over the previous five days and 35.6% so far this year.\u00a0<\/p>\n<p>David Sacco, a finance professor at the University of New Haven and an ex-UBS investment banker, also said that bitcoin had likely already seen the bottom this week.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/bitcoin-24.jpg?w=1024\" alt=\"Bitcoin mining \" class=\"wp-image-22258401\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/bitcoin-24.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/bitcoin-24.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/bitcoin-24.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Cryptocurrency prices are increasingly becoming tied to <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> stocks. <\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>\u201cIf I had to bet, I would bet you that we\u2019ll see bitcoin hit $40,000 before we see it break $20,000,\u201d he said.\u00a0<\/p>\n<p>Sacco and other analysts say that the cryptocurrency market is becoming increasingly tied to technology stocks.\u00a0<\/p>\n<p>If the tech-heavy Nasdaq Composite Index \u2014 which is down 25% so far this year \u2014 were to drop an additional 10%, bitcoin would likely drop at least below the recent record low of $25,400, Sacco predicted.\u00a0<\/p>\n<p>Garrick Hileman, research chief at Blockchain.com, also told The Post that Friday\u2019s crypto bump was likely correlated with a rebound in tech stocks. Big Tech stocks rallied on Friday, with Google trading up 3.5%, <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>le 3.4% and Amazon 4.0%.\u00a0<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>Shares of Coinbase, the only major publicly traded cryptocurrency exchange, surged 18.8% on Friday morning to $69.64 \u2014 although the stock is still down an eye-watering 72% so far this year.\u00a0<\/p>\n<p>\u201cValue investors are starting to have a look at crypto, with companies like Coinbase trading at comparatively low price-earnings ratios relative to comparable companies,\u201d Hileman said.\u00a0<\/p>\n<p>As cryptocurrencies have cratered in recent months, blockchain-based NFT collectibles have also taken a beating.\u00a0<\/p>\n<p>The market values for NFTs in the ultra-hyped Bored Ape Yacht Club series, which has earned endorsements from celebrities like Jimmy Fallon and Future, has plunged in recent weeks, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.theblockcrypto.com\/post\/146566\/nft-bayc-crypto-markets-prices-ethereum-solana-cryptopunks-terra-luna\">according to data<\/a> from crypto <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> site the Block.\u00a0<\/p>\n<p>The Bored Ape Yacht club\u2019s floor price \u2014 a measure of how much the cheapest NFT in the collection is selling for \u2014 fell by 25% in the week leading up to Thursday, the Block reported.\u00a0<\/p>\n<p>And overall NFT daily trading volume has plunged by more than 90% since its peak in September, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/nonfungible.com\/market-tracker?days=9007199254740991\">data from industry tracking site NonFungible<\/a> shows.\u00a0<\/p>\n<p>Sacco predicted that some NFTs may retain their value in the long term in a similar manner to fine art \u2014 but that investors should be wary of most offerings. <\/p>\n<p>\u201cThe vast majority of NFTs are worthless,\u201d he said.\u00a0\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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The world\u2019s most popular cryptocurrency, Bitcoin, was up 5.8% over the previous 24 hours at $30,600 as of late Friday morning, while Ethereum gained 8.0%&#8230;<\/p>\n","protected":false},"author":1,"featured_media":446578,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/05\/bitcoin-25.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,95118,129104,76127,70360],"class_list":["post-446577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-nft","tag-5-13-22","tag-cryptocurrency","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/446577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=446577"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/446577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/446578"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=446577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=446577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=446577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}