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Bitcoin continued its tentative recovery, reaching a two-week high as the larger cryptocurrency market looks for a long-term recovery from a weeks-long selloff.

 

The initial cryptocurrency reached its highest intraday level since November, rising as much as 2.6 percent to roughly $93,965. 17. It was trading slightly lower at around $93,300 in London. Ether and other major tokens also edged higher.

The digital assets market remains on shaky ground after a bruising selloff that began in early October, just days after Bitcoin hit a record above $126,000. Since then, more than $1 trillion in crypto market value has been wiped out.

The group of 12 US-listed exchange-traded funds investing in Bitcoin, which saw what McNulty described as a “feeble” $59 million inflow on Tuesday, is one indicator of investor confidence, according to Bloomberg data.

Traders have endured a bumpy ride this week. Token prices tumbled on Monday following comments by Strategy Inc.’s Chief Executive Officer, Phong Le, that the Bitcoin accumulator could resort to selling the cryptocurrency if needed to make debt payments. S

Strategy, formerly known as MicroStrategy, said later that it was establishing a $1.4 billion reserve to have cash readily available.

The Securities and Exchange Commission Chairman Paul Atkins’ plan to reveal the details of an “innovation exemption” for digital asset companies, as well as Vanguard Group’s decision to permit ETFs and mutual funds that primarily hold cryptocurrencies to be traded on its platform, were the reasons why Bitcoin then gained ground on Tuesday. Liquidation has resulted from the most recent rally.