Celsius Network CEO Alex Mashinsky believes that the crypto markets will bounce back. Furthermore, Alex thinks that inflation is not a long-term problem.
Bitcoin (BTC) has seen a slight uptick in price over several days. So far, the flagship digital currency approaches the $32,000 barrier. There’s a mixed signal of red and green if you follow wall street. The red alert touches crypto, while the green is on the stock exchange. Alex attributes this imbalance to the fact that $1.8 billion worth of expirations is happening today. Crypto investors are taking positions that signify the potential of digital currency to bounce back.
Bitcoin sets new highs, but not in a positive way
Bitcoin reached eight red weekly candles and was moving closer to nine, a new high for the record books. This fact is noteworthy. About the anxiety that has gripped the market, which has caused sentiment to reach all-time lows:
Mashinsky observed that even JPMorgan is increasing its involvement in crypto. JPMorgan affected the market’s mood this week by his statements the previous week. He claimed that Bitcoin has “large upside potential.”
There is such a high degree of anxiety that even JPMorgan, which does not discuss cryptos, has produced a study this week. JPMorgan stated that maybe they exaggerated the crypto and saw a comeback to the level of $40,000 from where we are right now.”
Today, the momentum present in the cryptocurrency market on May 30 (when Bitcoin was approaching $31,000) is still current in that market.
The market cap of all digital assets increased by $60 billion in just 24 hours. The total value of the global crypto market has increased by three percent in the past twenty-four hours to reach $1.3 trillion. Bitcoin’s price has also increased by three percent and is currently trading at $31,634.
Celsius token dropped 60% of its value in May
It is worth noting that when the price of Bitcoin dipped below $30,000. There were several pullbacks witnessed all through the sector as a whole. On Twitter, a journalist named Jacob Silverman observed the trend with Celsius. Celsius’s assets under the new management had declined by $5 billion in a short period since they had last reported them.
Users reported that the deal was illiquid as the token price began dropping. This further compounded investors’ losses and brought the CEL token’s loss to a painful 63 percent over two weeks. This caused investors’ losses to increase further.
The total value of all digital assets on the worldwide market rose 5.81 percent to $1.31 trillion yesterday. This encouraged the trade of different cryptos during the day. On the other side, the entire volume of the cryptocurrency market climbed by 82.89 billion dollars. Thus, it signals an increase of 83.0 percent over the previous twenty-four-hour period.
The volume in DeFi amounted to $8.25 billion, or 8.88% 24-hour volume in the cryptocurrency market. The quantity of Stablecoins was $81.67 billion, equal to 87.92 percent of the goal of the crypto market for the past 24 hours.
According to data provided by CoinMarketCap, the market share of the most valuable crypto climbed from 21.14% to 45.96% during the last day.
On May 30, at 2200 GMT, Bitcoin’s price increased by 7.93 percent, reaching $31,780.51. This represents an increase of $2,334.8 from its earlier estimate. Since hitting a yearly low of $25,401.05 on May 12, the world’s largest and most well-known digital asset has seen a price increase of 25.1 percent.
On May 30, the price of Ether, the digital asset connected to the Ethereum blockchain network, increased by 9.8 percent, reaching $1,989.38. This is an increase of $177.54 compared to its previous closing price.
