Bitcoin climbs back above $49,000 in biggest jump since November

New York: Bitcoin rose the most in more than a month, briefly climbing back above $49,000 for the first time in five days, amid a general rebound in risk sentiment.

The largest cryptocurrency by market value gained as much as 5 per cent to $49,331 in New York trading, the biggest intraday increase since Nov. 18. Bitcoin had slumped about 30 per cent over the past five weeks after setting a record high of almost $69,000 in early November.

Bitcoin may have put in a bottom in the midst of an enduring bull market, mirroring the recent crude oil peak, according to Mike McGlone, a commodities strategist for Bloomberg Intelligence. Showing divergent strength, the crypto was the standout and most significant major macroeconomic asset that advanced on Dec. 20, he wrote.

“The (earlier) 2 per cent Bitcoin future gain on the day the S&P 500 dropped 1 per cent solidifies the recent crypto low around $45,000 as pivotal support,” McGlone wrote in a research note.