The price of the cryptocurrency ‘bitcoin’ soared to its highest level in two weeks on Wednesday as investors continue to weigh the repercussions of the collapse of cryptocurrency exchange FTX.
But one analyst warned that the rebound could only be a correction higher in the bear market and won’t last.
And the price of the “Bitcoin” currency in early trading of the day cleared $17,000, its highest level since Nov. 15, before trimming gains. The cryptocurrency is up 2.4% in the past 24 hours, as it currently trades at $16,879.50.
Other altcoins also rose, including Ethereum, which rose 5% to $1,271.72.
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