Bitcoin gyrates 10% as crypto market stays volatile

Bitcoin traded in a wide range of 10% after hitting a high and a low of $34,893.98 and 31,491.66, respectively, during the last 24 hours. The crypto asset was trading 3.66% lower at $32,119 at around 11.15 am (IST) on Tuesday, as per data available with crypto exchange WazirX.

The fall came amid the US Senate confirming Janet Yellen as the next Treasury chief. The former Federal Reserve Chairperson had last week commented that cryptocurrencies are used for illegal activities, stoking fears that the Joe Biden administration might crack down on cryptocurrencies.

Bitcoin, which is the biggest cryptocurrency with a market capitalization of over $600 billion, has given a return of around 9% on a year-to-date (YTD) basis.