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Bitcoin bounces back from 18% weekly loss

Ethereum also rebounds after losing 21.4% in a week

The price of Bitcoin bounced back on Wednesday after losing more than 18% in a week as the rising tension between Russia and Ukraine pushed investors away from risky assets to safer haven in precious metals.

Bitcoin, the world’s largest cryptocurrency by market capitalization, sank to $36,404 on Tuesday, its lowest level since Jan. 28.

This marked an 18.3% weekly decline since Feb. 15, when Bitcoin closed at $44,559.

At 1040GMT, the price of Bitcoin was trading at $38,904, a 3% daily gain.

The crypto market’s total value also stood at $1.76 trillion with a 4.5% daily increase.

Ethereum also showed some recovery, posting a daily gain of 6.9% to $2,720.

The world’s biggest altcoin by market value saw its price diving 21.4% in a week to $2,500 on Tuesday.

Precious metals, on the other hand, showed some retreat from their monthly highs.

Gold was at $1,895 per ounce with a 0.17% decline after climbing on Tuesday to as high as $1,914 its highest level since last June 1.

Silver earlier fell to $24.03 an ounce, pulling back from the previous session high of $24.37.

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