January 16, 2018

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Bitcoin climbs back above $16,000, rallying more than 50 percent from Friday’s low

Bitcoin climbs back above $16,000, rallying more than 50 percent from Friday’s low

Bitcoin rallied Tuesday, recovering from a sharp sell-off late last week.

The digital currency briefly climbed more than 12.5 percent to above $16,100 late Tuesday morning, according to Coinbase, the leading U.S. platform for trading major digital currencies.

With Tuesday’s gains, bitcoin has now recovered more than 50 percent from a low of $10,400 hit Friday in an extremely volatile day of trading that had no immediately apparent explanation behind it.

The CME bitcoin futures expiring in January traded almost 13.6 percent higher Tuesday near $16,055, and the Cboe bitcoin futures gained 14.5 percent to $16,000.

 

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