Bitcoin rose during Wednesday's trading, after being subjected to strong selling pressure in the previous session that pushed it to its lowest level in about two weeks, affected by the wave of decline witnessed by technology company stocks and high-risk assets in global markets.
The largest cryptocurrency by market capitalization fell during Tuesday's trading to $61,877, its lowest level since June 11, as most major digital currencies suffered losses exceeding 5%, amid a decline in investors' appetite for risk.
Despite this decline, Bitcoin managed to recover some of its losses during Wednesday's trading, supported by selective buying following the recent drops, while investors continued to assess the impact of developments in the stock and technology markets on the performance of digital assets.
In a related context, data compiled by Bloomberg showed continued pressure on the cryptocurrency market from institutional investors, with Bitcoin exchange-traded funds (ETFs) in the United States recording outflows of about $2.4 billion since the beginning of June, reflecting a state of caution towards digital assets in the recent period.
In trading, Bitcoin rose by approximately $215, or 0.34%, to trade at $62,552. Ethereum also climbed by $10.64, or 0.64%, to reach $1,668.81.
In contrast, Ripple fell by about $0.0057, representing a decrease of 0.52%, to settle at a level of $1.0968.
Investors are watching closely in the coming period the direction of money flows into exchange-traded funds, along with developments in US monetary policy and the performance of global stock markets, as these are key factors affecting the course of cryptocurrencies and their movements in the short term.
