Weekly Wrap-BTC Wobbles Near $29K
By Ruchi Sharma & Vishakha Thakur
Tech stocks earnings helped virtual digital currencies to stage a recovery this week after struggling in the initial days of uncertainty caused by US regulator taking tough stance.
Further, banking jitters rekindle Bitcoin prices that were languishing near $27,000 mark amid a mass liquidation of short and long positions and separate unfounded rumors of bitcoin sales – by the U.S. government and of crypto from failed exchange Mt. Gox – before rebounding.
Recently, Bitcoin, the largest cryptocurrency by market capitalization was trading at about $29,500, up roughly 2.2% over the past 24 hours. BTC topped $30,000 at one point, near its earlier week highs but still well off its April peak close to $31,000. Ether was recently trading above $1,910, up about 0.8%.
Bitcoin and other cryptos have been stubbornly resistant to industry mishaps and wider macroeconomic uncertainty.
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