Both Bitcoin (BTC) and Ethereum (ETH) made minor recoveries on Sunday, rebounding above $20,000 and $1,000, respectively, after a weekend of persistent falls.
The price changes provide at least a brief respite from the sharp downward trends of the previous week.
According to CoinMarketCap data, BTC has rebounded by a little over 15% in the previous 24 hours, rising from a stunning low of $17,772 yesterday to $20,482 at the time of writing. ETH rebounded almost 25% in the previous day to $1,130 at the time of writing, after falling to $898 yesterday.
Bitcoin, Ethereum suffer losses
Last Sunday, BTC plummeted below $26,000 for the first time in a year, triggering a major selloff. BTC went below $20,000 yesterday, then $19,000, then $18,000 in a single day. ETH fell in lockstep with BTC, plummeting to $898 by yesterday afternoon, a staggering collapse of more than 46% in just a week.
BTC and ETH set market conditions that experts say might ignite a wave of forced liquidations by falling below $20,000 and $1,000 yesterday.
BTC and ETH have momentarily stemmed a snowballing selloff that some analysts have predicted might send BTC as low as $13,800 in the current bear market by rising even marginally to levels around $20,000 and $1,000 today.
Bear arrives, and stays
The severity and persistence of the cryptocurrency bear market are unknown. The most recent crypto crisis began early last month when both major coins and the stock market dropped. The crypto market has failed to recover since then, with each fresh ripple effect of the catastrophe causing more harm.
Last week, cryptocurrency lenders Celsius and Babel suspended all withdrawals for all customers, citing potential liquidity difficulties. Three Arrows Capital, a major cryptocurrency investing firm, may also go bankrupt.