Bitcoin and Ethereum Rebound From Wallet Hack Wobble

Bitcoin (BTC) is back up again after having dipped following news that one of the biggest crypto wallet brands had been hacked.

The biggest digital asset by market cap is now trading for $42,548 per coin, a 2% 24-hour rise, according to CoinGecko. Immediately following news of a exploit impacting decentralized apps, Bitcoin lost almost $1,000 off its price within 30 minutes.

But over the past seven days, it is down by close to 3%.

Still, the cryptocurrency touted as “digital gold” by some has largely been on a roll this year, having rocketed up 156% from the $16,615 it was trading for at the start of January.

Excitement around the approval of a spot Bitcoin exchange-traded fund (ETF) has led to institutional investors to pour money into the space, experts have told Decrypt.

ETFs are popular investment vehicles that allow investors to buy shares that track the price of an underlying asset. A crypto ETF would hold Bitcoin and allow people to get exposure to the virtual commodity without having to buy and store it.

Other major cryptocurrencies are also up. Ethereum (ETH) is trading for $2,275, a rise of more than 3% over the past day.

And Solana (SOL), the sixth biggest digital coin by market cap, is up over 9%. It’s now trading for $73.40. The asset has continued its impressive surge into December after having jumped in price significantly in November.

Of the top 20 coins and tokens, it is the best performer right now. And a meme coin which runs on its blockchain, Bonk (BONK), is also up significantly: The dog-themed token has shot up nearly 50% in the past day.

Interest in the asset has grown after America’s biggest crypto exchange, Coinbase, said it would list the token. Worth noting that while it has since bounced back, the meme coin initially took a dive following the announcement.

Edited by Stacy Elliott.