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Friday, June 18, 2021

Bitcoin Prices Recovers Amid Massive Stock Rout

The two leading cryptocurrencies together have been experiencing new all-time highs this week. In addition, there is a fresh bullish pattern in all of the altcoins since the sell-off that took place this week. Moreover, on Wednesday, Bitcoin has made a gain of 4.3%.

On the other hand, cryptocurrencies had recovered their losses even though there was a growing turmoil in the stock markets on a global level.

Upward Journey Of Bitcoin

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According to the reports of TradingView, the price of Bitcoin USD has almost erased all the losses of the earlier day on Wednesday. Bitcoin traded at a price of more than $57,500.

This move of BTC/USD happened during the concerns regarding tech stock frothing. This issue was further aggravated in Taiwan when the nation witnessed the largest 1-day loss ever for the equities post index.

The value of BTC along with the other altcoins had already sold off their tech stocks in a broad manner at the beginning of the week. However, the recent macro decline across the cryptos had failed to become worse in their performance.

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On the contrary, most of the significant cryptocurrencies had bucked the pattern and reclaimed growth. This happened to the hallmark aspect of the increasingly asymmetrical sector.

Earlier the concerns had re-emerged that BTC might finally drop under $50,000 during this present condition. This may open up new lows including $40,000.

Meanwhile, Ethereum prices had made huge gains and successfully managed to hit a record high of $4,000. Nonetheless, gas fees remained a problem for the network users and traders of ETH. Cardano fell short of $0.04 from a $1.83 all-time high. Dogecoin made a massive gain of almost 1,500%.

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