Bitcoin bounces back above $38,000 after weekend sell-off, shows data

Bitcoin rebounded from its roller-coaster weekend, with prices on track for the biggest gain in more than three months. The cryptocurrency was trading 12 per cent higher around $37,655 as of 10:58 am in New York. It climbed as high as $38,683. Digital currencies have been gripped by volatility in the past two weeks, with Bitcoin prices plunging 18 per cent on Sunday.

Traders may be feeling more positive as the crypto industry holds one of its biggest conferences of the year. Federal Reserve Governor Lael Brainard noted at the Consensus conference that a big issue for central banks with regard to a digital currency is the impact on the financial system.