CryptoWatch: ‘Crowd psychology’ drives bitcoin’s price, survey finds

Digital currencies were trading higher early Thursday in New York, with bitcoin, the worlds most prominent digital currency, on track to avoid a back-to-back skid—something it hasn’t done in two weeks.

A single bitcoin BTCUSD, +0.56% was last valued at $8,287.42, up 1.3% since Wednesday at 5 p.m. Eastern Time on the Krakan cryptocurrency exchange. Broad-based gains has pushed the total value of all cryptocurrencies to a fresh six-week high of $304 billion, according to data from Coinmarketcap.

Industry participants believe bitcoin’s resurgence has been a function of positive market factors, including a renewed focus around a potential bitcoin-related ETF, which could underpin fresh moves higher in the asset.

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