Tue. May 17th, 2022

BITCOIN rebounded after crashing earlier this week, but investors still need to be cautious as other coin prices have plummeted.

The price of the cryptocurrency plummeted to its lowest level since July 2021, but has since started to recover.

Bitcoin starts recovering after depreciation this week

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Bitcoin starts recovering after depreciation this week

Bitcoin is up more than 10% this morning, according to trading platform Coinbase.

It reached $30,212.53 after falling to $26,401 earlier this week.

“It remains to be seen whether the upturn in earnings is indicative of a full-fledged recovery,” said Myron Jobson, senior personal financial analyst at Interactive Investor.

“Anyone can guess what direction the price of Bitcoin and other cryptocurrencies will go, but it is still a huge thing for investors.

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“The recent cryptocurrency slide is a timely reminder that recognizing value doesn’t mean it can’t be a bubble that is terribly overvalued.”

Some cryptocurrencies, like Luna, have fallen 99% in the past 24 hours.

Despite Bitcoin’s rebound, investors still need to be cautious.

Cryptocurrencies are very volatile, so in a matter of seconds you can plummet in value and lose all your money.

They can also be complex and you shouldn’t invest in a product you don’t understand.

Cryptocurrencies are not regulated in the UK, so beware of scams.

In other words, if you lose money, you can’t get it back.

Other cryptocurrencies such as Bitcoin and Ethereum have seen their prices plummet this week, reflecting global markets and fears of inflation and interest rate hikes.

Bitcoin, the world’s largest cryptocurrency, hit $26,401, below the level recorded in July 2021.

Although the coin rebounded above $30 today, the price is still below last year’s high of $68,789.63.

The decline has also been triggered by regulatory crackdowns and bans in China and Russia.

Geopolitical tensions with Russia, the third-largest cryptocurrency mining country, and war in Ukraine have put pressure on prices.

“Whatever the approach to risk, cryptocurrencies should be treated with caution,” Jobson added.

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