Bitcoin inched back to briefly top $56,000 on Tuesday after a bout of risk aversion in global markets inflicted steep losses on most major cryptocurrencies.
The world’s largest digital asset rose as much as 3.48% on Tuesday to partly recover from a frantic selloff that saw the token sink beneath $50,000 while second-ranked Ether suffered its steepest fall since the collapse of FTX in 2022. Bitcoin was trading at $55,770 and Ether at $2,509, up nearly 3%, as of 10:13 a.m. in Singapore on Tuesday.