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Volatility, attached to the crypto coins has been a major reason for investors to be concerned about. Today, on June 25, again Bitcoin, the largest crypto plunged marginally. Bitcoin stood at US$ 21,093.60 falling by 0.59%, till 5:39 pm UTC. Yesterday, the asset closed at US$ 21,219.50. However, in the past 5 days, in the last trading week, the asset has gained, compared to this month's sharp fall. In the last 5 days, Bitcoin has surged by 3.05%, while in the past 1 month, Bitcoin dropped by 27.81%.
Investors should always be prepared for any kind of volatility while investing in cryptos. Although the Bitcoin and other cryptos surged sharply since the pandemic started, this year is not a good time for the asset. The interest rate hike is one of the most significant reasons behind it, which will be continued further. So, investors should be cautious.
According to a CoinDesk report, Oanda senior market analyst Craig Erlam said, "This weekend could be another testing period for the cryptocurrency, despite the resilience shown this week in holding back above such a major level. The support still looks shaky below and another break could see confidence in the space really put to the test."
Additionally, Raghu Yarlagadda, CEO and co-founder of FalconX, a crypto trading platform for institutional investors, told CoinDesk TV, "The quote-unquote, relief rally that you've seen in the last 24 hours, I think it's largely stemming from the retail side of things."
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