With the world’s largest cryptocurrency by market capitalization up roughly 2.0% on the day after significantly recovering from a small slide down under $24,000 earlier in the session, Bitcoin maintained close to yearly highs just below $25,000 on Monday. Several observers were shocked by Bitcoin’s recovery from the $21,000 range last week and continued tenacity.
Given the ongoing strength of the US dollar, the rise in US yields, the decline in US equities as traders increased bets on the Fed tightening, and concerns about an intensifying US regulatory crackdown on cryptocurrency firms, many had
predicted an extension of the recent pullback from yearly highs. According to the most recent CoinShares weekly funds flow data, this pessimism caused massive investor withdrawals from Bitcoin last week.
