Bitcoin rebounds above $40,000 with 3% daily gain

Total value of crypto market up almost 2.6% to $1.56T

By Ovunc Kutlu

ISTANBUL (AA) - Bitcoin's price climbed above $40,000 on Wednesday, rebounding from its losses on the previous day when it dove below the $39,000 level for the first time in more than seven weeks.

Price of Bitcoin rose to as high as $40,555 at 3.45 a.m. EDT with a 3% increase, and it was trading around $40.043 at 8.34 a.m. EDT for a daily gain of 2.5%.

The world's biggest cryptocurrency plummeted to $38,559 on Tuesday, marking its lowest level since Dec. 2, 2023 due to fading optimism among investors who liquidated their positions a week after the approval of spot Bitcoin exchange-traded funds (ETFs).

Ethereum, the world's biggest altcoin by market cap, was up 1.5% to $2,234 at the same time, while some altcoins saw their prices rising as much as 14%.

Total value of the cryptocurrency market rose almost 2.6% to $1.56 trillion, according to data from CoinMarketCap, a digital asset price-tracking website.

Price of Bitcoin touched almost the $49,000 level on Jan. 11 – the day when the US' Securities and Exchange Commission approved spot Bitcoin ETFs.

The much-awaited decision allows investors, especially financial institutions, to trade Bitcoin without owning it.

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