Above €53,000 again

Bitcoin recovers from recent price losses

Bitcoin continued to recover from recent losses on Thursday and rose above 58,000 US dollars (around 53,100 euros). Better than expected data from the US labor market supported the cryptocurrency.

The price of the oldest and best-known cryptocurrency rose to just under USD 58,500 on the Bitstamp trading platform. In early trading, it had still cost less than 55,000 dollars.

On Monday, Bitcoin had temporarily fallen below 50,000 dollars in the wake of the financial market turbulence. The US labor market report published on Friday had triggered the uncertainty. Since Monday, however, Bitcoin has tended to recover.

Fewer unemployed in the US
In the afternoon, the unexpectedly sharp fall in initial jobless claims in the US supported cryptocurrencies. Concerns about the US economy were further dampened.

"Declining recession concerns continue to provide a tailwind for the crypto market," commented analyst Timo Emden. "The realization that the recent panic attack at the beginning of the week was somewhat exaggerated is gradually seeping through."

However, Emden warns against overconfidence: "The smouldering recession worries and the associated uncertainty about an economic slowdown could trigger a renewed downturn at any time." Bitcoin is also still a long way from its record high. In March, it had temporarily risen to just under 74,000 dollars.