Bitcoin Bounces Back Following Series of Sell-Offs
Bitcoin reached $91,400 by 2030GMT, bouncing back after dipping beneath the $90,000 threshold last month—a level not seen since April's trading sessions.
Market data from CoinMarketCap revealed the combined valuation of global cryptocurrencies, Bitcoin included, jumped 6.6% within a 24-hour window to hit $3.09 trillion.
The flagship cryptocurrency's market capitalization expanded 6.7% during the same period, reaching $1.81 trillion.
Ethereum, holding the second position among digital assets by market worth, experienced an even steeper climb of 8.6%, trading at $2,970.
This notable uptick followed a particularly brutal November for Bitcoin, which suffered steep monthly losses. Downward momentum continued despite growing optimism surrounding Federal Reserve monetary policy that had previously bolstered risk-oriented investments during late November.
Since peaking in early October, Bitcoin has plummeted roughly 30%, placing the broader digital asset sector in a vulnerable position after an extended period of selling pressure. The downturn intensified when approximately $19 billion in leveraged positions were wiped out.
Prospects for a December interest rate reduction by the Federal Reserve have strengthened considerably in recent days, driven by weaker US GDP data and mounting evidence that inflationary pressures are subsiding.
A cascade of forced liquidations throughout recent weeks further accelerated the cryptocurrency market's initial collapse.
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