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Crypto Prices Recover Ahead Of Big Tech Earnings

The price of Bitcoin (BTC) and other cryptocurrencies have reversed their selloff and are rising ahead of a slate of earnings reports from the largest U.S. technology companies.

Bitcoin’s price has increased 3% in the last 24 hours to reach $43,500 U.S., its highest level in three weeks.

The largest cryptocurrency by market capitalization had been trading at $49,000 U.S. to start the year but saw its price fall below $40,000 U.S. in recent days.

The selloff in digital assets was triggered by approval in the U.S. of spot Bitcoin exchange-traded funds (ETFs) on Jan. 10.

The rebound in cryptocurrency prices comes ahead of the fourth quarter 2023 financial results of big tech companies such as Apple (AAPL) and Microsoft (MSFT) this week, and as the market continues to close at record levels.

Other cryptocurrencies besides Bitcoin have also seen their prices rise recently.

So called “altcoins,” or smaller cryptos, are rallying right now, with the price of Cardano (ADA) jumping 14% higher and Solana (SOL) seeing its price rise more than 30% in the past week.

The price of Ethereum (ETH), the second largest cryptocurrency by market cap, has gained 4% in the last week and is currently trading at $2,312.48 U.S. per share.