Bitcoin grew by more than 9% per day

The flagship of the cryptocurrency market has recovered its losses after a sharp drop yesterday. The value of the cryptocurrency reached $ 56,000.

Bitcoin’s drop was 20% from Saturday to Monday. BTC $93,937.20 Bitcoin -1.59% Market capitalization $1.86 trillion VOL. 24 hours $2.67 billion is facing new challenges, including uncertainty over the future of the US president, tensions in the Middle East, and rate hikes in Japan. After a sharp decline in stocks in Japan, massive sales of cryptocurrency assets began. Japan’s Nikkei 225 index fell by 7%, continuing the downward trend that began when the Bank of Japan raised its key interest rate to the highest level in 16 years.

Jonathan de Wet of Zerocap noted that the volatility may continue. Transactions with the Japanese yen are large, exceeding $ 20 trillion, indicating the initial stage of change.

Despite the likely further drop, analysts expect strong demand for bitcoin if its price falls below $ 50,000. There is speculation that former President Donald Trump could become a major buyer of bitcoin, which could bolster interest in the cryptocurrency as a hedge fund.

As a reminder, at the time, the value of BTC reached $ 49,800. The cryptocurrency’s decline coincided with the stock market’s collapse. Investors began to sell their assets en masse, fearing a further decline.