Bitcoin Extends Modest Recovery as Most Cryptos Drop

Investing.com – Bitcoin extended gains on Thursday in a brief recovery from a recent rout. With no relevant news affecting prices, bearish sentiment in the largest digital asset was on hold as cryptocurrencies overall continued their correction.

gained 0.3% to $7,701.5 on the Investing.com Index as of 11:18 AM ET (15:18 GMT). The prior session saw the beginning of a modest recovery after a more than 10% correction from the 2019 high of $9,045.9 reached a week ago.

Although individual rivals sawed mixed moves, cryptocurrencies renewed their correction. Beginning the week with a total market cap of $276.88 billion, cryptocurrencies saw their market cap drop $11.77 billion through Tuesday. A brief recovery on Wednesday to $250.31 billion was short lived with total market cap down to $246.25 billion at the time of writing on Thursday.

The overall decline came despite gains in other of Bitcoin’s major rivals. rose 1.0% to $0.39669, advanced 0.9% to $243.03, while traded up 1.2% to $102.848.

In recent crypto-currency news Facebook (NASDAQ:) will announce a coin-related project sometime this month, CNBC reported on Wednesday.

The Financial Times reported last week that the U.S. Commodity Futures Trading Commission is in talks with the company about the project.

The CFTC itself received a new chairman on Wednesday. Heath Tarbart, former Acting Under Secretary for International Affairs and member of the Financial Stability Board, was confirmed by the Senate to replace J. Christopher Giancarlo.

The switch will take place next month as Tarbart wraps up his responsibilities at the U.S. Treasury Department.

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