Bitcoin's Price Returns to $44,000 After 5% Growth

© REUTERS / Dado RuvicFILE PHOTO: A representation of virtual currency bitcoin is seen in front of a stock graph in this illustration taken November 19, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A representation of virtual currency bitcoin is seen in front of a stock graph in this illustration taken November 19, 2020. REUTERS/Dado Ruvic/Illustration/File Photo - Sputnik International, 1920, 12.01.2022
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MOSCOW (Sputnik) - The price of bitcoin is gradually picking up after a heavy fall, surpassing $44,000 on Wednesday, data from the Binance cryptocurrency exchange showed.
The price of Bitcoin grew 5% to $44,078 over Wednesday. As of 14:16 GMT, it had risen by 4.8% and reached $43,740.
Bitcoin is gradually recovering after losses of the last week when the cryptocurrency fell in value by almost 13%.
Analysts say the drop was caused by the release of details of the US Federal Reserve System's December meeting, which investors had forecasted to adversely affect high-risk assets. Another factor was the unrest in Kazakhstan, where over 18% of global bitcoin is mined.
By the end of 2021, bitcoin's price had increased 1.6 times, from $28,900 to $46,200. It reached its historic maximum of $69,000 in November and from there began to drop. Devaluation totaled 5% since the beginning of the year.
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