Bitcoin rebounds over 6% after large sell-off
The world’s largest cryptocurrency was trading at $91,400 at 2030GMT after falling below the $90,000 level last month for the first time since April, Anadolu Agency reports.
According to data from CoinMarketCap, the total value of the global cryptocurrency market, including Bitcoin, rose 6.6% in the last 24 hours to $3.09 trillion.
Bitcoin’s market capitalization increased 6.7% over the past day to $1.81 trillion.
Ethereum, the second-largest cryptocurrency by market value, also rose 8.6% to $2,970.
The significant rise occurred shortly after Bitcoin had a steep monthly loss at the end of November. The pressure has persisted despite improved confidence about US monetary policy, which had helped risk assets at the end of last month.
Bitcoin has lost about 30% since setting a record in early October, leaving the digital asset market on precarious footing after a weeks-long selloff. When almost $19 billion in leveraged bets were lost, the decline quickened.
Expectations for a Federal Reserve rate cut in December have risen significantly over the past week, owing to lower US GDP indicators and signals that inflation pressures are easing.
Additionally, a wave of liquidations in the past few weeks also fueled the initial decline in the cryptocurrency market.
To note, Texas has become the first state in the United States to acquire Bitcoin for its treasury, completing a ten million dollar purchase on November 20 under its newly created Strategic Bitcoin Reserve.