Just as most cryptocurrencies, bitcoin prices recovered on Monday with bitcoin rising 10 percent to touch $19,823 at 10.55 IST.
Most other digital currencies rose in the range of 5-12 percent as ether rose 12.74 percent to rise above $1,000, Binance Coin rose 5 percent to touch $207, ripple touched $0.316, 4.47 percent higher, solana traded at $31.8, 8.6 percent higher and cardano rose 5.7 percent higher to touch $0.46.
Stellar rose 5.46 percent higher and polkadot rose 4.88 percent to trade at $7.29 a unit, according to Coindesk data.
At the same time, total market capitalisation, according to CoinMarketCap of cryptocurrency market touched $874 billion, 70 percent down from its peak of $3 trillion on November 9, 2021, and 56 percent lower than $2 trillion market cap it achieved for the first time on April 5, 2021.
Despite the rise, bitcoin is still 56 percent lower on a year-to-date basis, while Ether lost 69 percent of its value.
One of the key reasons of the latest fall in crypto market is believed to be Celsius Network pausing all withdrawals, swaps and transfers w.e.f. June 13.
On Monday, Celsius Network said this in a blog post: “It has been one week since we paused withdrawals, Swap, and transfers. We want our community to know that our objective continues to be stabilizing our liquidity and operations. This process will take time.”
“As has been a priority since our company’s inception, we maintain an open dialogue with regulators and officials. We plan to continue working with regulators and officials regarding this pause and our company’s determination to find a resolution,” Celsius Network said further.
In another news — a class action lawsuit was filed recently in federal court in Manhattan by Keith Johnson, a Dogecoin investor accusing Elon Musk of inflating the cryptocurrency's price. Dogecoin's co-founder, Billy Markus, says the lawsuit as stupid.