Cryptocurrencies dropped on Thursday as bitcoin gave up the $4 000 level it’s hovered around since the start of the year.
Bitcoin rallied above $4 000 on Friday, leading the broad cryptocurrency market higher as the biggest digital asset headed for its best week in a year.
Just as the euphoria surrounding bitcoin was peaking last December, Mark Dow decided to short the leading digital currency. Almost a year to the day, he has closed out the trade.
After one of the worst stretches of losses for cryptocurrencies on record, enthusiasts are taking comfort in a recovery in prices of digital assets including bitcoin, ether, EOS and litecoin.
Bitcoin headed for another weekly slump on Friday, with the largest cryptocurrency heading closer to $3 000 – a level unseen since September last year.
It turns out that cryptocurrency enthusiasts were committed well beyond the HODL rallying call that urged them to hold on during this year’s digital-asset market collapse.
Nearly 170 years before the invention of bitcoin, the journalist Charles Mackay noted the way whole communities could “fix their minds upon one object and go mad in its pursuit”.