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Cryptocurrencies Wednesday roared back from yesterday’s drubbing, with bitcoin [BTC] nearing a new 18-month high just shy of $38,000 after tumbling below $35,000 at one point on Tuesday.
Altcoins posted gains of 5%-10% on Monday while bitcoin (BTC) treaded water near $35,000 as investors ventured into riskier tokens as calls for an altcoin season emerge.
Investment research firm ByteTree upgraded bitcoin’s price outlook to “bull” from “neutral” as the crypto benefits as a “safe haven” amid an equity and bond sell-off.
The wealth management industry globally is very light in both bitcoin and gold, one observer said.