Bitcoin Added 4.3% to $31,278 After Dramatic Rough Weeks For Investors

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Bitcoin rebounded over the weekend as cryptocurrency traders continue to receive blows *following a rough six months of selling.

The largest cryptocurrency by market value surged 4.3% Monday to $31,278.09, according to Coin Metrics. Ether added nearly 2% to $1,852.64.

Crypto has continued to move in correlation with stocks. The three major stock averages were higher on Monday, too. Investors have closely prices across risk assets move higher, unsure if the price increases are temporary or if it’s a longer-term reversal.

Some still say it’s too early, however.

“We believe this relief rally is a bull trap, and that bitcoin may have a short-lived gain but is more than likely going to resume the downward trend we’ve seen for the past two months,” said Josh Olszewicz, head of research at Valkyrie Investments. “Uncertainty in the global economy due to high inflation and the likelihood we are in a recession, paired with the prevalence of central bankers raising rates, is likely going to force all assets downward at least through the end of the summer.”