Bitcoin extended its nascent rebound on Wednesday, hitting a two-week high, as the entire cryptocurrency market looks for a sustained recovery from weeks of losses. Bitcoin once rose more than 2.5%, approaching $94,000, hitting an intraday high since November 17. Ethereum and other major coins also posted modest gains.
The digital asset market, which has suffered a slump recently, has still not found its footing. The decline began in early October, just days after Bitcoin hit an all-time high of more than $126,000, and the cryptocurrency has since lost more than $1 trillion in market value.
"We're not seeing a lot of buying above," said Sean McNulty, head of derivatives trading in Asia Pacific at FalconX. "Market sentiment remains fragile."
There are 12 U.S.-listed exchange-traded funds investing in Bitcoin, a measure of investor confidence. According to the data, these funds received what McNulty called "sparse" inflows of $59 million on Tuesday.