Bitcoin Holds onto Gains

Bitcoin rose for a second day Wednesday as it continued its recovery from a pre-Christmas slump.The largest cryptocurrency fluctuated between gains and losses and traded 2 percent higher around $16,243 at 9:16 a.m. in London. Rival digital currencies extended their gains with ripple and ethereum trading 10 percent and 1 percent higher respectively, according to data compiled by Bloomberg.

The gains add to signs the biggest cryptocurrency may have found a floor after a 26 percent slump through Tuesday. Its volatility has added to an ongoing debate about how to value the digital coin which has surged about 1,600 percent this year.

Source: Bitcoin Holds Advance as Cryptocurrency Watchers Debate Value – Bloomberg

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.