The crypto market has just added $50 billion in a lightening-fast recovery from what some market watchers were fearing might be the start of the next leg down in a revisiting of the year’s lows.
But what is behind this major pump in prices across the crypto complex?
A number of factors can be seen to have come together.
First there’s the deleveraging events that appear to have run their course and there may be no more dominoes to fall. After Terra, Voyager, Celsius and Three Arrows Capital, no more shoes have fallen, as yet.
Top crypto prices were flashing oversold, whales are accumulating
Secondly sellers may have exhausted themselves, with major coins such as bitcoin in oversold positions.
We can add to that a third and related factor, which is whales are looking to take up new positions in the belief that we are at or close to the bottom for the crypto market.