The Bitcoin price (BTC/USD) has edged lower on Thursday morning, unable to build on the positive momentum it found on Wednesday.
The original cryptocurrency enjoyed some relief on Wednesday, especially during the morning session, the better part of which it spent on an upward trajectory. Having opened the session at $4,465.54, the digital coin rose to an intraday high of $4,675.73 in late morning trading. While the coin pulled back in subsequent trading, it only dropped to around its opening level. Bitcoin eventually finished the session at $4,602.17.
Bitcoin has so far had a lacklustre Thursday session, with its price having edged lower during the early trading. At the time of writing, the Bitcoin price was hovering around the $4,505 mark, according to data from digital currency tracker Coinmarketcap.
Bitcoin’s inability to mount a decisive recovery rally is a testament to the uncertainty and low investor confidence that have dominated the crypto market over the past few days. Bitcoin’s problems started just over a week ago, when, after weeks of low price volatility, the coin’s price plummeted dropping below the key resistance level of $6,000. This happened a day before a Bitcoin Cash hard fork that, according to some industry observers, had a destabilising effect on the wider crypto market. Other events such as the US Securities and Exchange Commission ordering two ICO start-ups last week to register their respective tokens as securities, added to the market uncertainty.
In today’s trading, the Bitcoin price stood at $4,504.66, as of 10:10 GMT. The digital coin has lost 2.6% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s market cap currently stands at $78.3 billion, which represents 53.3% of the combined value of all digital coins.
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