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The price of the No. 1 digital currency, bitcoin BTCUSD, -7.35% had made a seven-week high late Thursday, trading to $9,746.82 before following the altcoins lower this morning. A single bitcoin last changed hands at $8870, down 9.6%.
Despite this mornings selloff, bitcoin has notched gains in six of the last seven days, a streak not matched since mid-February, which should keep the cheer intact for now.
“The crypto market is currently engulfed by a feeling of optimism. Its participants suggest that the worst has passed and that the decrease in trading volumes has cooled the regulators’ interest in the market,” wrote FxPro analysts in emailed comments.
“It’s also worth noting that the difficulty in mining new coins is growing, so any positive news is likely to provoke price hikes.”
As stated, it’s a bloodbath for altcoins. Ether has lost 16.9% to $610.09, Bitcoin Cash has given up 14.5% to $1,276.12, Litecoin is down 10.8% at $147.95 and XRP coin, the currency on the Ripple network is at 80 cents, down 14.4%.
After a record setting start to April, led by Bitcoin Cash which doubled in price, the Wednesday’s selloff will test the mettle of crypto bulls.