Bitcoin jumps 10% after hitting its lowest level in about 2 months as buyers swoop in after the price drop
Bitcoinjumped 10% on Monday as investors used its recent price drop as a buying opportunity.
- The cryptocurrency had tumbled to its lowest level since early March last week.
- Tesla billionaire Elon Musk asked followers over the weekend: "What does the future hodl?"
Bitcoin rose as much as 10% on Monday, as investors used last week's slide as a buying opportunity.The digital asset was last trading near $53,000 as of 03:00 a.m. ET, but had earlier dropped as low as $47,000 in early Asian trade.
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"My feeling is that the market is long and wrong above $60,000 of fiat currency, backed by tax-payer revenue, US dollars," Jeffrey Halley, a senior market analyst at OANDA, said, adding he expects the price to fall to around $42,000 based on technical analysis.Popular crypto influencer and Tesla billionaire Elon Musk posted yet another cryptic reference to the market. He tweeted over the weekend "What does the future hodl?" - using a term crypto investors understand standing for "hold on for dear life" with respect to their holdings.
Bitcoin enthusiasts will be paying attention to Tesla's first-quarter results, set to be published after the market close on Monday, for any insight into crypto in general, or the company's bitcoin holdings.Meanwhile, Cardano's ADA token rose 10% to $1.20, Ethereum's ether rose 6% to $2,457, and Dogecoin rose 5% to $0.26.
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