Bitcoin bounces back above $37,000 after weekend selloff

Bitcoin Image Credit: Ador T Bustamante/Gulf News

New York: Bitcoin rebounded from its roller-coaster weekend, with prices on track for the biggest gain in more than three months.

The world’s largest cryptocurrency was trading 12 per cent higher around $37,705 as of 9:56 a.m. in New York. Digital currencies have been gripped by volatility in the past two weeks, with Bitcoin prices plunging as much as 18 per cent on Sunday.

Ether, the second-largest token, also rebounded on Monday, jumping 15% to about $2,373.

The extreme volatility of late has prompted analysts to try guessing the outlook for digital currencies, with a JPMorgan Chase & Co. team saying it’s premature to call the end of the Bitcoin selloff. Goldman Sachs Group Inc. signaled that extreme swings hamper crypto’s appeal for institutional investors.