Bitcoin Pumping After Record Low

Bitcoin closed on Thursday at around $24,000, testing that area once again after failing to climb higher in the middle of last week. The first cryptocurrency has gained 3.8% over the past 24 hours, which is about the same amount it has gained in the past seven days. Ethereum, on the other hand, has added 4.8% in the past 24 hours, bringing it up to $1720. As for the altcoins in the top 10, they have all gained between 3.8% (BNB) and 10% (Solana).

The total capitalisation of the cryptocurrency market according to CoinMarketCap rose by 3.8% to $1.1 trillion overnight. This is good news for those who have been investing in cryptocurrencies, as the total value of the market has now risen above the $1 trillion mark.

It’s true that crypto markets have been facing some headwinds lately. However, there are still some factors working in favor of buyers. For one, a recovery in demand for risky assets is driving some institutional investment. In addition, the dollar has pulled back from multi-year highs, making crypto more attractive.

However, the long-term outlook is less rosy. Tightening monetary and economic conditions are still a drag on the market. And Guggenheim Partners remains convinced that the industry has not yet “cleared” of all the distressed participants. So while there may be some buying opportunities in the short-term, the overall picture is still fairly bearish.

The cryptocurrency market is very young and unstable. According to the IMF, cryptocurrencies could fall if the economy goes into recession. Preliminary US GDP data released on Thursday showed a possible technical recession in the country.

In the UK, cryptocurrencies are treated as a new type of property. This makes it much easier to protect investors in this instrument.