- Bitcoin’s price is up over 3% against the dollar as US investors wake up.
- The cryptocurrency has been sliding off record highs since mid-December.
LONDON – Bitcoin is close to climbing above $US14,000 in afternoon trade in Europe.
The cryptocurrency has seen a sustained pullback since hitting all-time highs above $US19,000 in mid-December. Bitcoin started Tuesday on the back foot in London and the futures market was pricing in further falls.
John Stoltzfus, Chief Investment Strategist at Oppenheimer Asset Management, said in a note to clients on Tuesday: “Bitcoin, the cryptocurrency, saw a marked increase in price volatility over the past two weeks leading many (including us) to wonder if the bubble is beginning to burst. We continue to be sceptical of the proposition of Bitcoin as a currency.”
But bitcoin is rallying slightly against the dollar in afternoon trade, as US investors wake up. Bitcoin is up over 3% to $US13.952.11 at 2.10 a.m. GMT (9.10 a.m. ET).
The slight recovery comes amid a wider rally for the cryptocurrency markets. All of the top ten cryptocurrencies by market value are rising, according to data provider CoinMarketCap.com, and seven are enjoying double-digit percentage gains. The biggest riser is Stellar, which is up 36% against the dollar to $US0.56 over the past 24-hours according to CoinMarketCap.com.
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