Bitcoin climbs back above $20,000 on Sunday, after hitting an 18-month low

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Bitcoin prices rallied on Sunday, breaking above the $20,000 level again after falling to an 18-month low on Saturday amid a week-long cryptocurrency rout.

BitcoinBTCUSD,
+0.48%
jumped about 16% in the past 24 hours, as of 5 p.m. Sunday, to $20,598, reversing much of its losses on Saturday, when it slid as low as $17,630, according to data from Coinbase.

Ethereum ETHUSD,
-0.52%
prices also surged on Sunday, jumping 26% to $1,137 as of 5 p.m. Sunday.

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Cryptocurrencies trade around the clock and often fluctuate wildly on weekends when financial markets are closed. A number of crypto bulls called the recent fall in crypto stocks a prime buying opportunity, while critics warn that the fundamentals have not changed and it could still fall apart.

Lily: Bitcoin Skids Below $20,000 in Minsky Moment for Crypto: “Psychologically For Many People It’s Infuriating”

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Vinny Langham, managing director of live-streaming platform Waitroom, tweeted on Sunday: “Could mean bottom, if it picks up/holds $20,000 fast by Tuesday/Wednesday. Otherwise, we are in a bear market for a while and $20,000 becomes a major resistance.

The recent crypto selloff began with the collapse of the Terra blockchain in May and coincided with the Federal Reserve raising interest rates amid recession fears.

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Bitcoin has lost about 55% of its value since the start of the year, according to data from Coinbase, and is down about 70% from its all-time high of nearly $69,000 in November. Ethereum, meanwhile, is down 69% in 2022.

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