Bitcoin Recovers After Hitting A Two-Year Low

Bitcoin has recovered some ground on Wednesday after hitting its previous day’s two-year low, even as traders remain cautious over the possible contagion from the FTX collapse.

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The world’s largest digital currency rose more than 5% to trade at $16,497.19 at around 3:34 a.m.

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The global cryptocurrency market cap was $862 billion, up 5.9% from a day earlier.

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Ethereum registered a gain of 7% in the past 24 hours to reach $1,163.91. Meanwhile, Dogecoin jumped more than 10% to $0.08176.

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However, on a weekly basis, the top cryptocurrencies still had a way to go to make up for shortfalls.

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Bitcoin hit its lowest point since November 2020 on Tuesday amid a perfect storm of high-profile bankruptcies, regulatory pressure, and short selling.

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Crypto Market remain on edge after the collapse of world’s largest cryptocurrency exchange FTX.

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