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Bitcoin recovers, climbs as much as 7.6% to pass $20,400

Bitcoin recovers, climbs as much as 7.6% to pass $20,400



Here's why bitcoin's drop has investors worriedReplayMore Videos ... (16 Videos)Here's why bitcoin's drop has investors worriedA look back at Vince McMahon, who steps down as WWE CEO amid misconduct claims This crypto collapse has a human costWalgreens Boots Alliance CEO: I took steps down to advance my careerThe Fed anticipates more rate increases after announcing biggest hike in 28 yearsWhat the interest rate hike means for you94% of women executives have this in commonVideo: Bill Gates mocks Bored Ape NFT'sRealtor.com chief economist shares her advice for homebuyers and sellersThree reasons gas prices are expected to stay highHe predicted US inflation would rise. Hear what he thinks about a recessionFact-checking Biden's claim that Putin shares blame for inflationSuze Orman's tips for navigating inflation: Don't panic and continue to invest'Tough number to swallow': Romans breaks down inflation dataHear why this gas station owner is selling gas at a lossRetirees becoming homeless at higher rate than other age groups amidst inflationBitcoin on Sunday rose as much as 7.6% to $20,404 from its previous close, signaling a recovery from a sharp drop on Saturday.

Bitcoin, the world's biggest and best-known cryptocurrency, was up more than 16% from this year's low of $17,592.78 on June 18, when it tumbled on investor worries about growing troubles in the crypto industry and amid a general pull-back from riskier assets.The coin's price retreated a bit Sunday evening to $19,781.69, according to Coinmarketcap.Andrew Brenner, head of international fixed income at National Alliance Securities, on Sunday said the rise in Bitcoin was likely the result of retail investors buying up the digital currency over the weekend, when few professional traders are working."Some buyers think now is a good time to get in because Bitcoin got down to a level which shows some near-term attractiveness," Brenner said. He added that Bitcoin and other digital currencies remained extremely volatile.Read MoreHere's why crypto experts are shrugging off the bitcoin crashThe sell-off in the crypto market has coincided with an equities slide, as US stocks suffered their biggest weekly percentage decline in two years on fears of rising interest rates and the growing likelihood of a recession.Brenner said digital currencies were not a good investment at a time when the US Federal Reserve tightens the supply of dollars by ending expansive monetary policy."As long as the dollar continues to show strength, digital currencies is not where you want to be," Brenner said.- CNN's Rob McLean contributed to this report


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