Bitcoin rebounds from six-month lows as buyers step in

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Bitcoin gained on Tuesday after tumbling to its lowest level in six months on fears of a Russian attack on Ukraine and before this week's Federal Reserve meeting.The largest cryptocurrency, in terms of market capitalisation, was trading 1.8 percent higher at 36,199.92 at 8:12 am, according to CoinDesk data.Bitcoin has come down from its all-time high of $69,000 hit in November.Earlier, the virtual currency fell on rising tensions between Russia and Ukraine as NATO said it was putting forces on standby and reinforcing Eastern Europe with more ships and fighter jets, in what Russia denounced as an escalation of tensions over Ukraine.Federal Reserve's two-day policy meeting starting on Tuesday added to the mix, with the US central bank expected to confirm it will soon start draining the pool of liquidity that has supercharged growth stocks."The story is really how aggressive is the tightening," Reuters quoted as saying Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.He noted that a Fed move to reduce the size of its balance sheet will tighten conditions along with higher interest rates.Cryptocurrencies fell along with other risk assets as "people are pulling back on risk broadly," he added.The US stock markets closed higher on Monday.Nearly $465 million in crypto assets have been liquidated in the past 24 hours, according to data from Coinglass.

Bitcoin trades account for $167 million.Ether, the second-largest digital coin, was trading 1.39 percent down at 2,410.70.US-listed cryptocurrency miners Riot Blockchain and Bit Digital and Marathon Digital also rebounded from earlier lows while crypto exchange Coinbase Global pared most of the day's losses.