So far, so good this week in crypto markets, but investors may not want to raise their hopes too much for a long-term rebound.
Still, analysts were pessimistic of the rally's staying power, noting a rise in volatility perhaps tied to large investors buying the recent price dips and the continuation of underlying conditions, including the global turbulence, rising prices and recession distress that have plagued crypto markets for the past eight months.
"Last week was bad," Jeff Dorman, chief investment officer of digital investment management firm Arca, told CNBC."It was not unprecedented in the sense that we've had multiple 30% to 50% moves in short periods of time. But it was historically bad in the sense that it was the first time it was happening in conjunction with bad things happening everywhere else."
Cryptos' price increases dovetailed with equity markets, which rose amid investors' likely, temporary return to riskier assets. The tech-focused Nasdaq climbed 2.5%, while the S&P 500, which has a heavy tech component, rose nearly the same.
thesamreynolds JPRubin23 It seems to me, too, that it is too early to talk about the beginning of uptrend. We will still have a lot of time to spend usdt to buy cheap bitcoin
thesamreynolds JPRubin23 one last dump
thesamreynolds JPRubin23 Bitcoin was under 4K in 2020. What are you talking about
thesamreynolds JPRubin23 I'm sorry. '5 year low'?
thesamreynolds JPRubin23 The 5 year low was not $18,000. You need to correct this.