FX RATES
FX RATES

CRYPTO MARKET BOUNCES BACK AHEAD OF ELON MUSK’S ‘B WORD’ APPEARANCE

Bitcoin has bounced back from a monthly low on Tuesday, with its price returning above $30,000 on Wednesday after once again testing the key $29k support level.

The cryptocurrency started the week at the lower end of that range, spending the weekend bouncing between $31k-$32k, before crashing below $30k on Tuesday morning.

It has contributed to a broader downturn in the crypto market, with Ethereum (ether), Cardano (ada), Binance Coin and Ripple (XRP) all dropping significantly.

Analysts and experts remain divided over which way the market is heading from here. A market-wide crash throughout May and June is being labelled by some as a blip within a long-term bull market, while others fear it could be the beginning of a so-called crypto winter.

Among the more positive forecasts is billionaire investor Tim Draper, who this week stuck by his $250k price forecast for next year

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