Cryptocurrencies
Bitcoin Claws Back Most of Losses From This Week’s Swift Plunge
- Cryptocurrency’s tumble had spurred bear market warnings
- Proponents point to history of rebounds following large drops
This article is for subscribers only.
Bitcoin has recovered most of the eye-popping losses registered at the start of the week, proving naysayers were too quick again to forecast the end of the recent surge in the controversial digital asset.
The world’s largest cryptocurrency jumped as much as 7.5% to briefly top $40,000 again on Thursday, with crypto peers like Ether, Bitcoin Cash and Litecoin also rising. Bitcoin was trading around $39,230 as of 10:22 a.m. in Hong Kong Friday. It had tumbled more than 25% in a 24-hour period on Sunday and Monday.