Bitcoin price bounces back to over $55,500

The price of Bitcoin, which saw a $49,750 level on Monday, posted a strong increase of around 12% to $55,700 within the last 24-hour period.

The market size of the largest cryptocurrency has recently reached $1.1 trillion, according to CoinmarketCap figures.

The 24-hour trade volume increased by 10.3% to $78.3 billion.

Ethereum, the second-largest, also increased to $2,590 after seeing a $2,200 level on Monday.

Global markets faced strong selling pressure on the first trading day of the week as recession concerns in the US rapidly strengthened and developments in the Asian market.