Bitcoin is rising again a day after wild comeback from drop below $30,000

The cryptocurrency sank below the key $30,000 threshold Tuesday, at one point briefly erasing all its 2021 gains. It later recovered to turn positive for the day.

On Wednesday, bitcoin climbed back above the $34,000 mark to trade as high as $34,367 in early morning trade, according to Coin Metrics data. It last changed hands at $33,969, up nearly 8% in the last 24 hours.

Smaller rivals also surged, with ether rising 6% to $2,014 and XRP up 9% at a price of 64 cents. The reason for the moves higher wasn't clear, but cryptocurrencies are known for their volatility.

Bitcoin had a solid start to the year, rallying to an all-time high of almost $65,000 ahead of crypto exchange Coinbase's blockbuster debut and as institutional investors appeared to be warming to it.

But the world's biggest digital coin has been on a rollercoaster ride since, almost halving in value amid a slew of negative news.

Leave a Comment