Bitcoin bounces 7% from lows, but crypto remains under pressure in U.S. trade
Trading just below $79,000 in midday U.S trade Monday, bitcoin (BTC) has bounced from its worst weekend level below $75,000.
At $78,700, BTC is higher by 2% over the past 24 hours and up 7% from its weakest price of the weekend, but still down more than 10% on a week-over-week basis. Ether (ETH) is also up about 2% over the past day, but down 19% from week-ago levels.
Crypto’s weekend move “broke key short-term support and stood out for its speed and depth, even by typical weekend standards,” said Adrian Fritz, chief investment strategist at 21shares.
According to Fritz, the sell-off was triggered by another round of forced deleveraging, as over $2 billion in crypto derivatives were liquidated in a rapid burst. …
