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.
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 has tumbled below $6 000 for the first time since August and reached the lowest level in over a year, breaking the recent stretch of tranquility.
Cryptocurrencies dropped sharply for the second time in less than 24 hours, sinking toward a nine-month low amid concern that broader adoption of digital assets will take longer than some anticipated.
The market’s biggest digital coins dropped sharply on Wednesday amid a report that Goldman Sachs Group is pulling back on near-term plans to set up a cryptocurrency trading desk.
Bitcoin is headed for its biggest increase in two weeks on Monday amid a steady drip of news reports suggesting some of the biggest names in investing are starting to embrace digital currencies.