Cryptocurrencies slipped on Thursday, though without falling through recent lows, as traders clung to hopes that a nascent recovery from last week’s plunge can regain its momentum.

Bitcoin has failed to hold above its 200-day moving average and it fell about 4 percent in the Asia session to USD 37,619. Ether, the coin linked to the ethereum blockchain network and the second-biggest cryptocurrency by market value, fell more than 7 percent to USD 2,675.10.

Both have marked sizeable year-to-date gains, with bitcoin up about 30 percent and ether more than tripling. But a month-long selloff culminating in a sharp collapse last week has each of them well below record peaks made in April.

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First Published:May 27, 2021 10:29 AM IST