Cryptocurrencies slipped on Thursday but without falling through recent lows, as enough traders clung to hopes that the asset class can claw its way back from last week's plunge.
Bitcoin dropped 4% in Asia to about $37,600 and the next biggest crypto token, ether , was down 7.5% at $2,676 - leaving both well above deep week-ago troughs but miles shy of the record highs they scaled in April.
Some analysts said the falls felt relatively modest compared with recent volatility and pointed to a market finding a floor, though it is clear regulatory attention and wavering enthusiasm from Tesla boss Elon Musk are going to remain major risks.
"The big cleanout has probably occurred," said IG Markets analyst Kyle Rodda, as trade had calmed down somewhat.
"People lose patience and bail along the way, but ... it looks like its starting to form a bit of a bottom here," he said. "I'm sure that there are still some nervous folks out there who're hoping and wishing that their long crypto positions are going to crawl back into the green."
Bitcoin's drop was triggered by China's efforts to crack down on mining and trading of cryptocurrencies and weighed by Tesla suspending its willingness to accept it as payment due to environmental concerns about energy use.
Reference: Reuters
Thai
Eng