What you should know: At press time, Bitcoin traded at $35,402.67 with a daily trading volume of $11 billion. Bitcoin is down 1.07% for the day.
Recall on Monday, Bitcoin and the rest of the crypto market dipped suddenly, with bitcoin losing as much as $10,000 in a day. However, it quickly bounced back, recovering most of its value as the dip was rapidly bought up by eager investors waiting to be part of Bitcoin’s meteoric rise.
What this means: Despite failing to break through its lifetime high price level of $42,000 resistance on Sunday, Bitcoin quickly bounced from its $30,000 plunge sighted yesterday and just broke above the $35,200 price levels.
It is key to observe that when the world’s most popular crypto makes a new high, traders expect some form of correction, and that’s why there is a significant amount of market volatility as sellers and buyers try to take hold.
Investments from Square, Paul Tudor Jones, MassMutual, and SkyBridge Capital are further indisputable evidence of big money investors in the flagship crypto market.