Bitcoin bounces back after falling to new 2022 lows over the weekend
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Bitcoin jumped on Monday after falling below its 2017 high over the weekend. The world's largest cryptocurrency by market cap climbed above the $20,000 mark for much of the day Monday. It's down 57% year-to-date and is 70% below its all-time high, hit in November. Industry watchers say the rally might be short-lived unless bitcoin closes above $23,000 on a daily time frame basis, "the odds are this is a dead cat bounce," one analyst says. The broader cryptocurrency market has been plagued by a number of issues in recent weeks, beginning with the collapse of stablecoin terraUSD and associated token luna. Cryptocurrency companies have announced rounds of layoffs amid the market downturn. Source