Bitcoin was in recovery mode on Thursday following a mid-week debacle which saw the benchmark cryptocurrency plummet over 6% following the publication of a bearish Matrixport research piece.
The piece contended that the raft of spot-bitcoin exchange-traded fund applications, which a tipped to be approved in the coming days, will be rejected by the US regulators.
This would be a blow to bitcoin investors eagerly anticipating a groundswell of mainstream adoption post ETF approval.
However, analysts are still generally confident that the US Securities and Exchange Commission (SEC) will move forward with the approvals, which will see bitcoin directly traded on the regulated US exchanges for the first time.
The Matrixport hoopla underscored the relative immaturity of bitcoin as an asset class, in which traders’ sentiment can be easily swayed by objectively innocuous circumstances.
Nonetheless, BTC/USD recovered over 3% on Thursday, closing the session at $44,150.
The pair was on the back foot this morning though, creeping back towards $43,800 at the time of writing.
Bitcoin remains over 40% higher over six months – Source: tradingview.com
Ethereum (ETH) was also in recovery mode, recovering 2.6% to close Thursday’s trading session at $2,267.
ETH/USD crept back slightly in today’s Asia trading window, with the pair swapping for $2,254 at the time of writing.
Most blue-chip altcoins were down this morning, with Solana (SOL) dipping 3.5%, Ripple (XRP) down 2.2%, Cardano (ADA) down 3% and and Dogecoin (DOGE) down 1.4%.
Global cryptocurrency market capitalisation currently stands at 1.67% trillion, with bitcoin dominance closing in on 53%.
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