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Bitcoin gain more than six per cent on Tuesday
(MENAFN) Bitcoin surged over 6.4% on Tuesday, staging a sharp recovery after several weeks of heavy selling. The world’s largest cryptocurrency was trading at $91,400 at 2030 GMT, rebounding after dipping below the $90,000 mark last month for the first time since April.
Data from CoinMarketCap showed the global crypto market value climbing 6.6% in 24 hours to reach $3.09 trillion, while Bitcoin’s market capitalization rose 6.7% to $1.81 trillion.
Ethereum also posted strong gains, jumping 8.6% to $2,970.
The rebound follows Bitcoin’s steep monthly loss at the end of November. Despite improving sentiment around US monetary policy – which had boosted risk assets late last month – the cryptocurrency has fallen nearly 30% since hitting a record high in early October. The sell-off accelerated when nearly $19 billion in leveraged positions were wiped out.
Market analysts say expectations of a possible Federal Reserve rate cut in December have grown in recent days, boosted by weaker US GDP data and indications that inflation pressures are easing.
Meanwhile, a wave of liquidations over recent weeks contributed heavily to the earlier downturn across the crypto market.
Data from CoinMarketCap showed the global crypto market value climbing 6.6% in 24 hours to reach $3.09 trillion, while Bitcoin’s market capitalization rose 6.7% to $1.81 trillion.
Ethereum also posted strong gains, jumping 8.6% to $2,970.
The rebound follows Bitcoin’s steep monthly loss at the end of November. Despite improving sentiment around US monetary policy – which had boosted risk assets late last month – the cryptocurrency has fallen nearly 30% since hitting a record high in early October. The sell-off accelerated when nearly $19 billion in leveraged positions were wiped out.
Market analysts say expectations of a possible Federal Reserve rate cut in December have grown in recent days, boosted by weaker US GDP data and indications that inflation pressures are easing.
Meanwhile, a wave of liquidations over recent weeks contributed heavily to the earlier downturn across the crypto market.
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