Bitcoin has recovered some ground after hitting its lowest price for two years yesterday, per CoinGecko.

The world’s largest cryptocurrency clawed its way back above the $16,000 mark and, on Wednesday morning, was trading 4.9% higher than a day earlier at $16,498.99.

Bitcoin hit its lowest point since November 2020 on Tuesday amid a perfect storm of high-profile bankruptcies, regulatory pressure, and short selling.

But the market was on the upswing by Wednesday, with most major coins in the green. The global cryptocurrency market cap was $862 billion, up 5.9% from a day earlier.

Ethereum, Dogecoin join Bitcoin rally

Ethereum posted a gain of 7% in the past 24 hours to reach $1,163.91. Meanwhile, Dogecoin jumped more than 10% to $0.08176.

But on a weekly basis, the top cryptocurrencies still had a way to go to make up for shortfalls. 

Bitcoin was down 2% on the week, and Ethereum had dropped 7% amid wider market woes alongside the impact of the “FTX drainer” swapping a large chunk of ETH for Bitcoin.

And there was more bad news for Ethereum and Polygon enthusiasts when Rockstar Games banned NFTs and crypto from Grand Theft Auto fan servers.

Dogecoin was also lagging behind last week’s prices by 6%.

The crypto market continues to be shaken by the effects of FTX’s catastrophic collapse, both through direct exposure and fears of how regulators may respond to the crisis.

Earlier this week, the Bank of England’s deputy governor called unbacked exchange tokens like FTX’s FTT an “extreme risk.”

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