Bitcoin Bounces Above $20,000 in Swift Rebound; Caution Advised

Bitcoin snapped a 12-day slide, briefly clawing its way back above $20,000 and leading the cryptocurrency market in a swift turnaround after a record-breaking string of declines

The world’s largest cryptocurrency climbed 12% Sunday, recouping much of its losses from a steep drop Saturday that sent the token to as low as $17,599

For a moment, Bitcoin even surpassed $20,000 before falling back again

and stood at $19,990 as of 3:15 p.m. in New York. Ether, which touched as low as $881 in the selloff

climbed 22% to $1,100, while alternative coins from Avalanche to Solana also enjoyed gains.

“I think we started to hit levels near the bottom where institutional investors see a buying opportunity,”

said Paul Veradittakit, a partner at crypto-focused hedge fund Pantera Capital.

The crypto market is known for its wild swings -- particularly on weekends, when moves can be magnified

and the whipsaw of the past two days provided the latest example. Analysts caution that Sunday’s respite may be brief

The overall tone remains negative, with monetary tightening providing macro headwinds and crises within crypto raising concerns about widening distress

Analysts cautioned the respite may be brief. Even with Sunday’s rally

Father’s Day once was highly political — and could become so again