Bitcoin (BTC) continued its recovery phase on Thursday following the brutal early-week sell-off that impacted the global risk markets.
The world’s largest cryptocurrency was batted down to a six-month low of $49,000 on Monday in response to escalating fears of a US recession, coupled with a mass repricing of large-cap technology stocks.
White there is still water to traverse before fully reclaiming Monday’s losses, spot prices have since climbed higher.
The BTC/USD pair added another 3.8% in early Thursday trades, bringing the pair above $57,000.
Bitcoin still remains more than 1% lower week on week, but signs are emerging that the Monday rout was more of a blip than a blowout.
Bitcoin tumbled sharply on Monday – Source: tradingview.com
Ethereum (ETH), the second-largest cryptocurrency, is worse off, remaining 24% lower against the US dollar on a week-on-week basis.
At the time of writing, the ETH/USD pair was swapping for $2,420.