Home Bitcoin News Bitcoin drives above $6000 level and attempts to claw back from some recent losses

Bitcoin drives above $6000 level and attempts to claw back from some recent losses

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Digital-asset prices are moving higher Thursday, looking to regain some of Wednesday’s losses, which saw most major coins post double-digit declines.

After a frantic session that saw bitcoin threaten to make a new 2018 nadir, the No. 1 digital currency is gaining modest ground, with a single bitcoin

BTCUSD, +1.21%

changing hands at $6,469.69, up 2.4% since Wednesday at 5 p.m. Eastern time on the Kraken cryptocurrency exchange.

As pundits sought to explain Wednesday’s decline, Element Digital Asset Management said the lack of pricing information in the cryptocurrency market leaves coins susceptible to significant price swings driven by single entities, often referred to as bitcoin whales.

“Unlike other mature asset classes that have very metrics based fair value models that tend not deviate much from one another, the concept of fair value with bitcoin can have a huge variance,” wrote Element’s portfolio director, Thejas Nalval, and Kevin Lu, the firm’s director of quantitative research.

“How large market participants that are organic in the supply chain interpret news events such as yesterday is more likely to drive short term price action than any single person or entity preaching technical levels or evangelizing the value of bitcoin using theoretical models.”

Read: SEC delay on cryptocurrency ETF is more a speed bump than a red flag, market insiders say

Ripple clawing back some losses

Altcoins, or digital coins other than bitcoin, are chipping away at yesterday’s losses. Ether

ETHUSD, +0.93%

has regained 1.4% to $362.73, Bitcoin Cash

BCHUSD, +1.55%

is trading higher by 2.4% at $605.60, Litecoin

LTCUSD, +1.46%

is up 1% at $63.43 and Ripple’s XRP

XRPUSD, +0.38%

after plummeting more than 15% Wednesday, has regained some ground, trading up 2.2% at 34 cents.

After a session to forget on Wednesday, futures got back on track Thursday. The Cboe Global Markets Inc.’s August contract

XBTQ8, +2.66%

finished the day up 2.7% at $6,477.50 and the CME Group Inc.’s August contract

BTCQ8, +2.37%

finished Thursday up 2.1% at $6,460.

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