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By Joanna Ossinger
Bitcoin rose on Monday as supporters were encouraged by its inability to break through the closely watched $ 30,000 support level over the weekend.
The largest cryptocurrency rose 6% to $ 34,595 at 2:10 p.m. in Hong Kong, in a second day of gains. The vast crypto space gained as well, with the ecosystem’s market cap rising about 8% to $ 1.43 trillion, according to pricing from CoinGecko.
We were seeing the $ 30,000 level on Bitcoin being fairly well defended with a number of tests at this level over the past month, said Vijay Ayyar, head of Asia-Pacific at crypto exchange Luno Pte. We’ve seen a lot of downward pressure on forbidden prices, so it looks pretty bullish at this point.
Bloomberg Bitcoin has halved in recent weeks amid concerns over its environmental impact and as regulators around the world – especially in China – crack down on the industry. The digital currency had hit a record high of nearly $ 65,000 in mid-April amid Elon Musk of Tesla Inc.’s plea before he too criticized his green credentials. Meanwhile, in the UK, Binance Markets Ltd. has been banned by the financial watchdog from carrying out any regulated activity in the country, one of the most important actions to date by a regulator in a global crackdown on the crypto industry .
For Lunos Ayyar, it is too early to give the green light.
Another drop to $ 30,000 might not reflect how many times we’ve tested it and there isn’t a lot of cash there, he said. After $ 30,000 and we should probably see $ 24,000 to $ 25,000.
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