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Bitcoin climbs back above $49,000 in biggest jump since November
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For the first time in five days, Bitcoin rose the most in over a month, briefly climbing back above $49,000 amid a general rebound in risk sentiment.
The largest cryptocurrency by market value gained as much as 5% to $49,331 in New York trading, the biggest intraday increase since 18 November. Bitcoin had slumped about 30% over the past five weeks after setting a record high of almost $69,000 early November.
Bitcoin may have put in a bottom in the midst of an enduring bull market, mirroring the recent crude oil peak, as per Mike McGlone, a commodities strategist for Bloomberg Intelligence. Showing divergent strength, the crypto was the standout and most significant major macroeconomic asset that advanced on Dec. 20, he wrote.
“The
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