Bitcoin surges 5% to $19,660 as traders see volatile trading

Buying in Hope of a Better Second Half is a priority for the Pares as they jump Amid Dip Buying.

According to the latest surge in the virtual coin, investors are hoping things won't get worse for cryptocurrencies in the rest of the year.

On Friday, the largest digital token rallied as much as 11.3% in Asia, closing in on the $21,000 level. As of 1 p.m. in Tokyo, the climb was cooled to 5%, leavingBitcoin at about $19,660.

There was some optimism for coins such as Avalanche, Solana and Ether, but the universe was off session highs due to a bout of risk aversion across global markets.

After a 57% slide this year, the price of the digital currency has been around the $20,000 mark. The retreat has been a reflection of depressed investor spirits as liquidity evaporates amid tighter monetary policy to fight inflation.

Traditional assets have been buffeted by the outrageous swings in the field of criptocurrency this year. The latest jump higher didn't help with the gloom enveloping US equity futures and Asian stocks, which remained in the red.

Edward Moya, Senior Market Analyst at Oanda Corp., wrote in a note thatBitcoin could be vulnerable to a more ugly plunge that could cause traders to fear a fall to the $10,000 area if Wall Street continues to fall in the third quarter.

Such risks aren't deterring El Salvador: President Nayib Bukele said on Twitter that the nation had bought the dip again, this time 80Bitcoins at a price of $19,000 each.

In a filing this week, Michael Saylor s tech firm MicroStrategy Inc. said it had purchased another 480 coins worth about $10 million at the peak of the criptocurrency swoon.

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