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.
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.
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…