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Bitcoin drives above $6,000 level and attempts to claw back from some recent losses

Market Watch
Bitcoin drives above $6,000 level and attempts to claw back from some recent losses

Digital-asset prices are moving higher Thursday, looking to regain some of Wednesday’s losses, which saw most major coins post double-digit declines. After a frantic session that saw bitcoin threaten to make a new 2018 nadir, the No. 1 digital currency is gaining modest ground, with a single bitcoin BTCUSD, +2.71% changing hands at $6,469.69, up 2.4% since Wednesday at 5 p.m. Eastern time on the Kraken cryptocurrency exchange. As pundits sought to explain Wednesday’s decline, Element Digital Asset Management said the lack of pricing information in the cryptocurrency market leaves coins susceptible to significant price swings driven by single entities, often referred to as bitcoin whales.