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Bitcoin Price Briefly Revisits $40,000 as Bulls Pare Week's Losses
Bitcoin has rallied nearly 15% in the past 24 hours. Ether hits $1,200.
Par Zack Voell
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Bitcoin briefly broke above $40,000 again Thursday morning as the market reversed the bulk of its losses from Monday.
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- The leading cryptocurrency rose to $40,066.32 before settling back to $39,521.46, up 14.25% in the past 24 hours, per CoinDesk's Bitcoin Price Index (BPI).
- Over the weekend and into early Monday morning, bitcoin dipped nearly 30% from its peak just below $42,000. The move prompted CNN Business writer Paul La Monica to declare bitcoin in a bear market.
- With the downturn seemingly over, other cryptocurrencies are following bitcoin, with ether reclaiming $1,200, up 13%.
- Polkadot has gained 21% and litecoin is up 11% in the past 24 hours, per market data from Messari.
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BlackRock's digital assets head: Leverage-driven volatility threatens bitcoin’s narrative
Rampant speculation on crypto derivatives platforms is fueling volatility and risking bitcoin’s image as a stable hedge, says BlackRock’s digital assets chief.
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- BlackRock digital-assets chief Robert Mitchnick warned that heavy use of leverage in bitcoin derivatives is undermining the cryptocurrency’s appeal as a stable institutional portfolio hedge.
- Mitchnick said bitcoin’s fundamentals as a scarce, decentralized monetary asset remain strong, but its trading increasingly resembles a "levered NASDAQ," raising the bar for conservative investors to adopt it.
- He argued that exchange-traded funds like BlackRock’s iShares Bitcoin ETF are not the main source of volatility, pointing instead to perpetual futures platforms.
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