Home Cryptocurrency News Bitcoin (BTC USD) Cryptocurrency Price Climbs on Backing From ARKK Cathie Wood

Bitcoin (BTC USD) Cryptocurrency Price Climbs on Backing From ARKK Cathie Wood

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Bitcoin rebounded from its sharp selloff of the past few days as additional purchases by MicroStrategy Inc. and Square Inc. helped to ease concern investors were starting to exit the famously volatile cryptocurrency.

The digital token rose as much as 7% Wednesday, finding support near the $50,000 level. It traded around $49,860 as of 12:51 p.m. in New York. Prices plummeted about 13% on Tuesday in the worst retreat in a year.

Square said it had purchased $170 million in Bitcoin, raising its holdings to about 5% of the company’s cash and equivalents. MicroStrategy said it paid an average $52,765 for nearly 20,000 tokens last week after issuing $1.05 billion in convertible bonds.

Bitcoin is grappling with the $50,000 level after sharp selloff

Overall investor sentiment has also been boosted by comments Tuesday from Federal Reserve Chair Jerome Powell, who signaled the central bank is nowhere close to unwinding its easy policy. Cryptocurrencies have been buoyed by a tide of monetary and fiscal stimulus to fight the impact of the pandemic.

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