The Bitcoin price (BTC/USD) has edged lower on Friday, as its late Thursday rally has seemingly come to a halt.
The original cryptocurrency enjoyed a relatively stable morning session on Thursday, as it managed to reclaim $6,500 and remained above this level for the better part of the day. The digital coin experienced a drop to an intraday low of $6,334.46 in late afternoon trading, but it rallied once again in the final hours of the session. Bitcoin briefly topped the $6,700 level, before finishing the session at $6,775.35, up from its opening level of $6,342.75.
The rebound was likely triggered by comments from US Securities and Exchange Commission (SEC) director of corporate finance William Hinman, who said yesterday that Bitcoin and its biggest rival Ethereum (ETH) should not be treated as securities. The Ethereum price also experienced big boost in yesterday’s afternoon trading.
While Bitcoin has edged lower in today’s trading, it has mostly held above the $6,600 level. At the time of writing, the Bitcoin price was hovering around $6,605, according to data from cryptocurrency tracker Coinmarketcap.
Bitcoin and its cryptocurrency peers have suffered significant blows this week, with prices of many digital coins falling to multiple-month lows. The latest hit happened on Wednesday, when the University of Texas published a study, saying that at least half of Bitcoin’s rise last year was due to price manipulation on cryptocurrency exchange Bitfinex. According to the study, the dollar-pegged digital currency Tether was used to buy Bitcoin in key moments, which helped "stabilize and manipulate" the original cryptocurrency’s price.
Following the release of the study, Bitcoin tumbled to a four-month low of $6,285.63 on Wednesday.
In today’s trading, the Bitcoin price stood at $6,606.53, as of 10:57 BST. The digital coin has gained 1.25 of its value in the past 24 hours.
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