The world’s largest and most popular cryptocurrency, Bitcoin, dropped by 3.60 percent to close at $32,560.86 on Wednesday evening, after hitting a 5-months low of close to $29,000 on Tuesday.
- The virtual currency had earlier during Wednesday trading, risen by as much as 5.8 percent to $33,821, a day after a dramatic rout briefly wiped out gains for the year.
- Bitcoin looks to have bottomed out, having digested most negative news during the recent sell-off from $41,000 to $29,000, according to an analyst.
- Early last week, prices surpassed $41,000 before falling in the second half of the week following the Federal Reserve’s surprising hawkish stance on interest rates.
- Bitcoin has been stuck in a range of the mid-$30,000s for the past month, indicating that investor interest in digital assets is waning.
- Ethereum, the second-largest cryptocurrency by market capitalization, fell 4.98 percent to $1,909.63 on Wednesday evening.
