Bitcoin, XRP, and other cryptocurrencies attempted another rebound early Thursday following a steep selloff in digital assets.
The downturn worsened on Wednesday as Bitcoin (BTC) extended its losing streak to a fourth consecutive day, briefly dropping to a low of $82,200. A tentative recovery earlier in the day failed to hold, leaving investors uncertain about whether Thursday’s bounce would be more sustained.
By early Thursday, Bitcoin had risen 2.3% to $86,164, according to CoinDesk. However, the leading cryptocurrency has seen a sharp decline, plummeting 17% from last Friday’s peak of $99,000 to a weekly low of $82,000.
XRP, another major altcoin, has also struggled, tumbling 17% from $2.71 last Friday to $2.24. Despite the losses, XRP edged up 1.5% early Thursday, suggesting that selling pressure might be easing.
The selloff began last Friday following a $1.5 billion crypto heist from Dubai-based exchange Bybit. Broader market jitters, including a pullback in U.S. tech stocks, further dampened sentiment.
Cryptos had rallied after Donald Trump’s Nov. 5 election victory, as traders anticipated a more favorable regulatory stance. However, much of those gains have been erased in just a few days, with Bitcoin now trading at levels last seen on Nov. 11.
“The pace of the decline has been so sharp that, despite some recovery, there’s a long road ahead,” said Susannah Streeter, an analyst at Hargreaves Lansdown. “Without clear support from Trump, market uncertainty is likely to persist.”
While a Trump intervention could provide a much-needed boost, it remains unclear what else might trigger a sustained rebound in crypto markets.
