Bitcoin rose to its highest levels in two weeks Saturday, trading above $41,000 after swooning as low as $33,505 on January 24.
Cryptocurrencies fell sharply in January after the Federal Reserve signalled it would likely move more quickly than expected to remove pandemic-era stimulus due to high levels of inflation, continuing a swoon in which bitcoin fell nearly 50% from its record high of $69,044 in November, losing about $600 billion in market value.
The recovery comes following a turbulent week in equity markets in which U.S. stocks edged slightly higher amid mixed earnings reports, with Meta booking a $10 billion loss for 2021 on its Metaverse project and Amazon’s reporting strong earnings.
Bitcoin’s 11% gain on Friday was the largest single-day gain for the cryptocurrency since June.
Bitcoin reached a high of $41,956 around 10:45 a.m., according to CoinGecko, before settling back to $41,625 as of 12:52 p.m. Saturday.
The leading cryptocurrency is up 3% over the past 24 hours and 19% from the year’s low.
Other top digital currencies are also on the rise, with ether up 4.5% over the past 24 hours—rising above $3,000 for the first time since January 21—and Binance coin up nearly 10%, according to CoinGecko.
SOURCE: Forbes
IMAGE SOURCE: Pixabay
