Market Wrap: Bitcoin Reverses Wednesday’s Losses, Ether Climbs

Market Wrap: Bitcoin Reverses Wednesday’s Losses, Ether Climbs:

(CoinDesk) Few are attributing the cryptocurrency’s rise to market fundamentals after the GameStop roller coaster.

Bitcoin’s price reversed Wednesday’s losses on Thursday. Traders and analysts, however, have largely kept a short-term bearish view because some are attributing gains in bitcoin and other cryptocurrencies to GameStop’s stock drama.

  • Bitcoin (BTC) trading around $32,607.78 as of 21:00 UTC (4 p.m. ET). Gaining 3.17% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $29,921.96-$32,934.56 (CoinDesk 20).
  • BTC above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.
Bitcoin trading on Bitstamp since Jan. 26.
Source: TradingView

GameStop’s stock drama seems to be galvanizing not just stock markets but bitcoin and other cryptocurrencies, many of which reversed their losses of just a day ago, similar to what happened in the U.S. equities market. The most notable winner was dogecoin (DOGE), which hit a new all-time high earlier Thursday.

Bitcoin volumes on major crypto exchanges in January.
Source: CoinDesk Research, CryptoCompare

Few attribute bitcoin’s price gains Thursday to market fundamentals. That’s because the crypto community still looks to be distracted by the GameStop (NYSE: GME) situation. A group of Redditors on a board called WallStreetBets (WSB) sent the video game retailer’s shares skyrocketing in order to squeeze hedge funds that were betting the stock’s price would go down…

Continue to read the full report at CoinDesk.

Related Articles