steadied on Monday to hover above $30,000 after the world’s most valuable digital token, by market value, had dropped for seven straight weeks.
The price of Bitcoin (ticker: BTCUSD) rose 2.61% over the past 24 hours to $30,310 according to CoinDesk.
(ETHUSD) the coin linked to the ethereum blockchain network, also recovered on Monday, rising 3.4% to $2,053.14.
“If the S&P falls some more, that should create one final flush and a great buying opportunity for BTC,” Mark Newton, head of technical strategy at FundStrat said. “There’s a lot of bearishness, and we should be approaching a time when you really want to buy into that in the next couple of months.”
Crypto markets have struggled in recent weeks as concerns over high inflation and rising interest rates sent investors fleeing from the risky areas of global financial markets.