Bitcoin, XRP Prices Rise. This One Thing Can Spark a Crypto Rebound. — Barrons.com
By Callum KeownBitcoin, XRP, and other cryptocurrencies mounted another attempted rebound early Thursday after a brutal selloff in digital assets.Things got even worse for crypto assets Wednesday as Bitcoin suffered losses for a fourth consecutive day, hitting a low of $82,200 at one point. The day had started with a tentative recovery, which ultimately didn't last long. Maybe Thursday's nascent comeback will be more meaningful.The price of Bitcoin climbed 2.3% to $86,164 early Thursday, according to data from CoinDesk. But the world's largest cryptocurrency's selloff has been harsh, falling from $99,000 Friday to a weekly low of $82,000 — a 17% drop.XRP, the popular altcoin, has also had a rough time — slumping 17% to $2.24 from Friday's price of $2.71. The token was up 1.5% early Thursday, though, as it also showed signs that the recent selling may be coming to an end.The selloff began Friday after hackers stole close to $1.5 billion worth of cryptocurrency from Dubai-based exchange Bybit. The broader flight from riskier assets — as investors sold U.S. tech stocks — also didn't help sentiment.Bitcoin and other cryptos rallied in the weeks and months after President Donald Trump's Nov. 5 election victory as traders hoped for a more crypto-friendly administration. But much of those gains have been wiped out in a matter of days, with Bitcoin now trading where it was on Nov. 11."Although it has made up a little ground in the last few hours, the rate of descent has been so rapid there's a long way to climb," Hargreaves Lansdown analyst Susannah Streeter said. "Without any firm moves from Trump to show his support for the crypto sector, nervousness looks set to continue."A Trump intervention would certainly help, it's hard to see what else could spark a significant recovery right now.Write to Callum Keown at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.