Bitcoin is fresh off its biggest monthly decline in history. Bitcoin lashed traders with wild swings on Friday as digital assets struggle to regain their footing.
Bitcoin’s spins underscore the uncertainty looming over cryptocurrencies. It is as investors struggle to gauge how far central banks will go to control rampant inflation. In addition to the confusion, major crypto players range from hedge fund Three Arrows Capital to lender Celsius Network. It messes up the market sell-off, raising the possibility of further contagion.
Such risks are not deterring El Salvador, whose president Nayib Bukele said on Twitter that the nation had bought back the fall. This time adding 80 Bitcoins for $19,000 each.
Earlier this week, Michael Saylor’s Bitcoin-backed tech firm MicroStrategy Inc. said in a filing that it had bought another 480 coins worth about $10 million at the height of the crypto fainting.
Bitcoin has been swirling around the $20,000 mark after falling below $18,000 on June 18. The lack of direction is reminiscent of how the currency trades in the wake of the collapse of the TerraUSD stablecoin in early May. It happens when it held on to nearly $30,000 for weeks before falling again.
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