Bitcoin prices have experienced a notable recovery lately, climbing after falling to nearly $43,000 yesterday afternoon.
The world’s largest digital currency by market value rose to as much as $49,520.72 earlier today, CoinDesk data shows.
At that point, it was up roughly 15% from the multi-week low of $43,119.16 it reached the day before, additional CoinDesk figures reveal.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
When explaining these latest gains, analysts pointed to several factors.
John Todaro, director of institutional research for TradeBlock, spoke to the gains that risk assets enjoyed today, following a recent decline.
“Yields have risen recently to the highest level in a year and on the back of that you saw tech stocks sell off, corresponding with the pull-back in bitcoin prices,” he noted.
“During times of market uncertainty, bitcoin does still have elements of a risk-on asset and rises and falls in tandem.”