Bitcoin rallied Tuesday, recovering from a sharp sell-off late last week.
The digital currency briefly climbed more than 12.5 percent to above $16,100 late Tuesday morning, according to Coinbase, the leading U.S. platform for trading major digital currencies.
With Tuesday’s gains, bitcoin has now recovered more than 50 percent from a low of $10,400 hit Friday in an extremely volatile day of trading that had no immediately apparent explanation behind it.
The digital currency had risen around twentyfold since the start of the year, climbing from less than $1,000 to as high as $19,666 on Dec. 17 on Bitstamp and to over $20,000 on other exchanges. But it has posted heavy declines since.