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HomeCurrencyBitcoin Bounces Back, Gains $5,000 In Eight Hours

Bitcoin Bounces Back, Gains $5,000 In Eight Hours

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By Babajide Okeowo

Bitcoin, the world’s most popular crypto asset surged from $30,300 to $35,400 and still showed no signs of slowing down.

This latest rebound is coming on the heels of a dip by the cryptocurrency earlier on Monday which saw it dipped as far as $33,447, its lowest since January 6.

Similarly, Ethereum which often moves in tandem with bitcoin, fell as much as 20 per cent to a one-week low of $1,007.51.

However, in less than eight hours, bitcoin surged from $30,300 to $35,400. Since the start of 2021, the most popular crypto asset has gained about $5,000 this year alone amid strong buying pressure from leading financial brands across the world.

At press time, Bitcoin traded at $35,402.67 with a daily trading volume of $11 billion. Bitcoin is down 1.07% for the day.

Recall that on Monday, Bitcoin and the rest of the crypto market dipped suddenly, with bitcoin losing as much as $10,000 in a day. However, it quickly bounced back, recovering most of its value as the dip was rapidly bought up by eager investors waiting to be part of Bitcoin’s meteoric rise.

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