Mine cPen Network: A Cutting-edge Web3 Social Media Platform

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Bitcoin Price Surges to $58,000 As Crypto Market Bounces Back

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 Bitcoin has managed to pull off an impressive comeback, recovering above the $58,000 level earlier today later giving up some of its gains and it's currently flatlining at $57,108.

The most popular crypto on Nov. 26 plunged more than 9% amid concerns that the pandemic may worsen due to the new Omicron Variant.

However, Bitcoin price soared over 7% on Sunday, putting the bulls back in the driver's seat and invalidating bearish scenarios.

Bitcoin is also -17.03% away from reclaiming its all-time high of $69,044 that was reached on Nov.10.

Crypto Market Rally

The largest cryptocurrency has bounced back with the overall crypto market rising more than 5 per cent to return above $2.5 trillion. The coming back could signal an end to the price correction BTC suffered after its record high, which blockchain data suggests was partly caused by long-term investors skinning profits from their holdings.

Concerns surrounding potential new cryptocurrency regulations introduced with the US infrastructure bill also contributed to the downturn, as well as fears that creditors of the collapsed crypto exchange Mt Goz could finally liquidate their payments.

The reason for the recovery is not immediately clear but is likely to be similarly multi-faceted.

One of the simplest explanations is that more bullish investors took the opportunity to "buy the dip" in expectation of the price returning to previous levles.

Among them was El Salvador President Nayib Bukele, who said on Friday that the Central American country has acquired "100 extra coins with a discount".

El Salvador's treasury now holds more than 1,200 BTC and has plans to use profits to build schools and animal hospitals. President Bukele also recently announced a $1 billion bond to help fund the development of "Bitcoin City".


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