Bitcoin climbed more than 15% over the weekend as prices bounced from four-day lows after a sharp sell-off last week.
Prices Monday were slightly higher, with one bitcoin fetching around $35,000 at press time, CoinDesk 20 data show. One expert said more is needed to continue driving gains in the current climate of fear, uncertainty, and doubt (FUD).
On Friday, the worldâs first cryptocurrency fell more than 8% despite rallying 5% during the Asian trading session, bolstered by news of El Salvadorâs confirmed date of its bitcoin law and a $30 bitcoin e-wallet airdrop.
âAn unprecedented stream of FUD has resulted in bitcoin struggling to keep above water,â Jehan Chu, managing partner at Hong Kong-based crypto-investment firm Kenetic Capital told CoinDesk via Whatsapp on Monday.
Chu also said the short-term outlook remains âchoppy and uncertain,â despite the recent bounce back above $34,000. âWith retail investors on the sidelines licking their wounds, volumes will struggle until the next price catalyst.â
Indeed, daily trading volume for bitcoin has remained low, particularly during the weekend. Thatâs been the trend for most of the month.
The absence of strong trading volumes points to a lack of institutional and retail interest, Chu said, citing undisclosed trading teams he has had conversations with.
Meanwhile, other notable cryptos are coasting in bitcoinâs slipstream, with ether and internet computer both advancing over a 24-hour period.
In traditional markets, Asian equities were posting mainly green, with the exception of Japanâs Nikkei 225 Index Hong Kongâs Hang Seng Index and the Australian All Ordinaries Index, down by less than half a percent.
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