Bitcoin price recovers today as Bitcoin reaches $34,750 after the recent flash crash

Over the past 24 hours, the crypto markets have seen immense volatility. The crypto market experienced a significant dip that hasn't been seen in months. While the crypto crash of May 19, 2021, was significant, the recent dip crashed the price of Bitcoin down to $28,900, as per the WazirX Bitcoin price chart. As Bitcoin dipped, other cryptocurrency prices also suffered major dips. The last time Bitcoin was below the $30,000 mark was back in December 2020. This recent dip is the first time this year that Bitcoin's price went below the $30,000 mark. However, the price of Bitcoin has already recovered to an extent, and at the movement, Bitcoin is sitting comfortably at a price of $34,377. Read on to why is Bitcoin going up suddenly after this major dip. 

Bitcoin Price recovers after a flash crash on June 22

The Bitcoin flash crash of June 22 where the Bitcoin Price went below $30,000 is already behind the crypto markets. A few hours after experiencing the dip, Bitcoin started to rise steadily, reaching a high price of $34,750. Crypto experts believe that if this price trend continues, the Bitcoin price today could go up to $36,000. The flash crash that happened over the past couple of days was a direct result of China' continued crackdown on Bitcoin mining and a blanket ban on cryptocurrency trading. News about China shutting down Bitcoin mining in the province of Sichuan and ordering the major banks in the country to halt cryptocurrency trading sent the prices of Bitcoin spiralling downwards, which lead to the whole crypto market facing a crash. 

However, as Bitcoin recovered, the rest of the crypto market also followed suit. Dogecoin, which had crashed to a low price of $0.17 after months recovered to a price of $0.22 cents. The Ether price, which fell below $2000 for the first time in a month, reaching a low of $1648, is currently sitting at a price of $2032. Other major cryptocurrencies such as MATIC, VET, ALGO and many other cryptocurrencies that lost a lot of value over the past few days have already recouped most of their losses. Stay tuned for more updates on cryptocurrencies. 

DISCLAIMER: The information provided on this website is for educational and entertainment purposes. The information provided on this website does not constitute investment advice, financial advice or trading advice. Republic World does not recommend purchasing any cryptocurrency. Crypto markets are highly volatile and crypto investments are risky. Readers should do their own research on cryptocurrencies and consult their financial adviser before making any crypto investments. 

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