Bitcoin rises above $20,000 after a weekend decline

According to CoinMarketCap, the price of bitcoin rose past the US$20,000 barrier early Monday morning in Asia. This comes after the cryptocurrency’s price dropped to a low of US$17,708 on Sunday, marking its lowest point since December 2020.

At the time of publication, the price of bitcoin, the most valuable cryptocurrency in the world, has increased by more than 7 percent since the beginning of the day.

After falling to US$896 in the preceding twenty-four hours, the price of Ethereum has seen a rise of 14% and was trading at US$1,125 at the time this article was published.

The total value of the cryptocurrency market has remained below $1 trillion US dollars for the sixth day in a row as the “crypto winter” continues to spread its cold.

It has been reported that some major cryptocurrency exchanges liquidated the trading positions of the troubled hedge fund Three Arrows Capital after the fund failed to meet margin calls, and investor funds in the cryptocurrency lender Celsius Network remain frozen, all of which is keeping the markets on edge.

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