July 19, 2022: -On Monday, Bitcoin surged above $22,000, reaching its highest level in more than a month as the cryptocurrency market hoped the contagion and shake out from the past few weeks were nearing its ending.
Bitcoin traded as high as $22,493.61 in the past 24 hours, the highest since June 16. The biggest cryptocurrency in the world was trading at around $22,135.30 at 8:57 a.m. ET, according to CoinDesk data, is up about 4%.
Other cryptocurrencies also bounced, with ether up more than 9% versus the price 24 hours ago and Polygon’s MATIC token up 16%.
The bullish sentiment was helped by a rally in stock markets in Europe and Asia. U.S. stock futures were also higher. Cryptocurrencies, particularly bitcoin, have been closely correlated with equity market trade. A rise in stocks will often lift sentiment in the crypto market.
But investors are monitoring whether the carnage over the last few weeks, which has seen bitcoin near 70% off its all-time high plugged in November and billions of dollars wiped off the market, can be over.
The price crash has brought the downfall of several high-profile companies in the space, most notably hedge fund Three Arrows Capital and crypto lender Celsius, both of which have filed for bankruptcy.
These failures have caused contagion in the industry and seen other associated companies under pressure.
Much of it is caused by the enormous amounts of leverage and borrowing that have taken place in this recent crypto cycle. Three Arrows Capital, for instance, took out loans it could not repay once the crypto collapsed. Celsius, which offered customers yields of over 18% for depositing their digital currencies, took on high-risk trading activities to earn the interest to give back to its users.
Crypto companies have been selling off whatever support they have to try to meet their weaknesses, putting pressure on the broader market.
According to the Analysts, there are signs this contagion could be slowing.
“The worst of market contagion has probably run its course, with the majority of forced selling behind us,” David Moreno, research analyst at CryptoCompare, wrote in a research note.
Despite the rally, the crypto market is always suffering. Both bitcoin and ether are down over 50% this year. Bitcoin had its worst quarter in the second quarter in more than a decade.
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