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Bitcoin Plunges Again Today To US$ 21,093: Volatility Remains

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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%.

 
Bitcoin Plunges Again Today To US$ 21,093: Volatility Remains

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."

Read more about: budget earnings film
Story first published: Saturday, June 25, 2022, 23:24 [IST]
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