Baxia Markets
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.





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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