SINGAPORE: Cryptocurrencies slipped on Thursday, though without falling through recent lows, as traders clung to hopes that a nascent recovery from last week’s plunge could regain its momentum.
Bitcoin has failed to hold above its 200-day moving average and it fell about 4% in the Asia session to 37,619.
Ether, the coin linked to the ethereum blockchain network and the second-biggest cryptocurrency by market value, fell more than 7% to 2,675.10.
Both have marked sizeable year-to-date gains, with bitcoin up about 30% and ether more than tripling.
But a month-long selloff culminating in a sharp collapse last week has each of them well below record peaks made in April.