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 per cent to US$40,094 on Thursday. Bitcoin tumbled more than 25 per cent in a 24-hour period on Sunday and Monday. Crypto peers, including Bitcoin Cash and Litecoin, also surged, each adding at least 7 per cent.
“It should come as no surprise to anyone that Bitcoin has bounced back so quickly,” wrote Craig Erlam, senior market analyst at Oanda Europe. “We know it’s an extremely volatile instrument — the only difference this time is the absolute numbers are now much larger due to its growth over the last month.” Read more…..
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Jean-Marie Mognetti, Coinshares CEO, joins ‘The Exchange’ to discuss the bounce back in bitcoin and whether he thinks the cryptocurrency can be taken advantage of by hedge funds.