Baxia Markets
By
July 22, 2021

Bitcoin Rebounds From Sell-off

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The crypto market saw significant selling on Tuesday, with Bitcoin falling below the $30,000 mark for the first time since June 22nd. The plunge came on the back of news that the New Jersey attorney general issued a cease-and-desist letter to crypto lending firm BlockFi, ordering it to stop offering interest-bearing accounts. Since Bitcoin broke below $30,000, many see it as a good opportunity to “buy the dip”, which drove the price back up for the time being.

 

 

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Whether or not Bitcoin will continue to surge is still uncertain, as some analyst says this is merely a “dead cat bounce”, that a bigger sell-off is still yet to come and Bitcoin will tumble as low as $24,000. On the other hand, some people believe that this is the resurrection of Bitcoin and Cryptocurrencies as a whole. Elon Musk, Jack Dorsey, and Cathie Wood are said to attend the B-word conference today, potentially answering the Bitcoin equivalent of the “bat signal”.

 

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