Bitcoin Bounces Back After Falling To Lowest In Almost 3 Weeks

Bitcoin Bounces Back After Falling To Lowest In Almost 3 Weeks

The world's largest digital currency by market value rose to as much as $49, 520. 72 earlier today, CoinDesk data shows. At that point, it was up roughly 15% from the multi-week low of $43, 119. 16 it reached the day before, additional CoinDesk figures reveal. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] When explaining these latest gains, analysts pointed to several factors. John Todaro, director of institutional research for TradeBlock, spoke to the gains that risk assets enjoyed today, following a recent decline. "Yields have risen recently to the highest level in a year and on the back of that you saw tech stocks sell off, corresponding with the pull-back in bitcoin prices," he noted. "During times of market uncertainty, bitcoin does still have elements of a risk-on asset and rises and falls in tandem." He also emphasized the key role played by leverage. "We saw a fairly standard Monday morning EST rebound - building off the equally standard Monday morning recovery (yesterday, North America time) in Asia." "The move was simply a reaction to the drop to $43k