Bitcoin rallied on the afternoon of 24 January, trading above $37,000, after falling to a seven-month low in the morning, as the cryptocurrency moved in lockstep with a swift rally in risk assets.

Bitcoin was trading at $36,800 at 5pm, up, 4.7% on the day, according to CoinDesk. In the morning, it traded below $33,000 for the first time since July. That extended its selloff to a more than 50% loss from its record high of $68,990.90, set on 10 November.