Bitcoin Bounces Back to $20,000, Ether to $1,100

by in Cryptocurrency News

Bitcoin Ether prices

Most cryptos increased in price in the last 24 hours. Bitcoin and Ethereum gained around 10% and 15%, surpassing $20,000 and $1,100 respectively.

Related: Celsius CEO Alex Mashinsky Posted About the Issues

The total crypto market cap increased by about 9% and currently stands at above $894 billion. Before the rally, on June 19, Bitcoin dropped below $18,000 for the first time since November 2020. Thus, BTC fell below its 2017 all-time high of $19,783, a level which many assumed the coin will hold. The second largest crypto Ether fell as low as $890.

However, it is still a question whether BTC will support $20,000 or the rally is a short one. The crypto market has been seeing uncertainties as a result of global economic difficulties.

In the created situation the lending platform Celsius stopped withdrawals, swaps and transfers between accounts. Later, it became known that hedge fund Three Arrows Capital wasn’t able to meet lender demands of margin calls.