Bitcoin is rallying back toward all-time highs after its surge to a record on Tuesday was met with massive selling, resulting in the cryptocurrency’s most-volatile price action of the year.
The largest and oldest token was up 5.8% to $67,002.84 as of 3:05 p.m. on Wednesday in New York, helping to lift the wider digital-asset market. A day earlier, Bitcoin touched an all-time peak of $69,191.95 before quickly sinking back below $60,000. The more-than 14% range between the low and high on Tuesday was its biggest price swing of the year, according to data compiled by Bloomberg.