Bitcoin Price Volatility Continues Amid Rebound
Bitcoin's price has been fluctuating between $76,000 and $78,000, causing market volatility. The cryptocurrency broke out of a trading range that had persisted for over 10 weeks, surging to the $78,000 level before plummeting back to the $76,000 range.
The rebound is attributed to falling US government bond yields and expectations of regulatory reform. According to CoinMarketCap, Bitcoin's price was at $77,109 as of 2:25 p.m. on Saturday, up 2.41% from 24 hours earlier and 22.27% from a week ago.
Ethereum also saw a significant increase in price, trading at $2,437, up 3.48% from 24 hours earlier and 29.53% from a week ago. Ripple (XRP) surged 14.12% in a single day and 48.69% over the week to $1.49.
Analysts point to falling US government bond yields and expectations of deregulation as key drivers behind the rebound. James Butterfill, head of research at CoinShares, said the recent Bitcoin rally was 'a macro-driven move.'