The Bitcoin price (BTC/USD) has returned above the $6,300 level after seeing some modest gains during Friday’s early trading.
The original cryptocurrency and the digital currency market as a whole took a big hit in yesterday’s early trading. Bitcoin lost around 5% as part of the initial drop and then spent the rest of the session mostly moving within a tight range of $6,250 - $6,300. The coin hit an intraday low of $6,243.74, minutes before closing the session at $6,256.24. The close was significantly lower than Bitcoin’s opening level of $6,586.74.
After the tough Thursday session, Bitcoin has seen some more positive price action in today’s early trading, with the coin’s price rallying to reclaim the $6,300 mark. However, while Bitcoin’s advance had enjoyed some success initially, with the Bitcoin price rising to an intraday high of $6,328.50, the coin has pulled back to lower levels in more recent trading. At the time of writing, the Bitcoin price was hovering around $6,300, according to data from digital currency tracker Coinmarketcap.
Bitcoin’s latest plunge coincided with a big decline observe across the traditional markets. In the US, the Dow Jones Industrial Average closed the Wednesday session with an 800-point loss, its biggest since February. Similarly, the UK’s blue-chip equity index, the FTSE 100, struggled during the Thursday session.
Bitcoin’s failure to remain stable amid the equity bloodbath raises doubts over whether the digital coin could become a safe haven asset, according to a CNBC report. Earlier this week, Juniper researcher Windsor Holden expressed a similar sentiment, siting the coin’s inability to make progress this year, despite the weakness of fiat currencies and the growing trade tensions between the US, China and European Union.
“If Bitcoin cannot make gains in such favourable circumstances, then it is unlikely to prosper as and when these issues are resolved,” Holden said. “We feel that the industry is on the brink of an implosion.”
In today’s trading, the Bitcoin price stood at $6,309.23, as of 09:30 BST. The digital coin has gained 0.5% in the past 24 hours.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.