After subdued trading ahead of Monday’s New York open, cryptocurrencies were subjected to further volatile trading.

Bitcoin initially dipped to below $47,000 as risk appetite deteriorated, but then reversed quickly and posted a strong net advance to above $49,000.

There was further evidence of net investment inflows into the sector which underpinned overall confidence.

Bitcoin posted further gains in Asia, but was unable to make a challenge on the $50,000 level and settled around $49,300.

Ether dipped to lows below $3,300 before a recovery to $3,400 and consolidation below this level on Tuesday.

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