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Bitcoin Gains as Bulls’ Buying Helps Soothe Nervous Investors

  • Square, MicroStrategy announce additional purchases of coin
  • Outage at Fed delays bank wire transfers on crypto exchanges
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Watch: Ark Investment Management founder and Chief Executive Officer Cathie Wood discusses her call on Bitcoin. (Source: Bloomberg)
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Bitcoin rebounded from its sharp selloff of the past few days as additional purchases by MicroStrategy Inc. and Square Inc. helped to ease concern investors were starting to exit the famously volatile cryptocurrency.

The digital token rose as much as 7% Wednesday, finding support near the $50,000 level. It traded around $49,400 as of 2:29 p.m. in New York. Prices plummeted about 13% on Tuesday in the worst retreat in a year.