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The world’s largest cryptocurrency is up 7.2% in the last 24 hours, having returned to the levels above $31,500 last seen on Monday morning. This is the second time since the mid-April crash that Bitcoin has tested the $29,000 support level and successfully bounced back.
Other major cryptocurrencies have also seen a recovery, with Ethereum (ETH) rising by 9.4% above $1,920. Other notable gainers include Polygon (+27.3%), Dogecoin (+19.1%), Polkadot (+13.2%), Cardano (+12,2%), and Binance Coin (+9.4%).
The move marks a swift reversal from the bearish sentiments that dominated the market over the last 48 hours when Bitcoin fell below $30,000, dragging many other cryptocurrencies into the red.
Some investors feared Bitcoin would drop deeper toward $25,000 as the broader stock markets plunged amid fears that a spike in the Delta variant of COVID-19 cases would again halt the global economy.
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The bearish news continued after the New Jersey attorney general issued a cease and desist order to crypto lending firm BlockFi–one of the prominent companies in the industry, ordering it to stop offering interest-bearing accounts in the state.
Whether the prices will stay above the psychological $30,000 level remains to be seen–despite the recovery, the Crypto Fear & Greed Index, an alternative tool analyzing market sentiments, hit its lowest score of 10 since March 2020, which indicates “extreme fear.”
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