The price of bitcoin has begun to test $600 following a high-profile exchange hack that left a wake of uncertainty for traders last week.
Bitcoin prices reached a high of $598.64 this weekend, but since then have largely traded tightly in the $560 to $580 range, CoinDesk USD Bitcoin Price Index (BPI) figures reveal.
These figures were much improved over the low of $480 observed last week and come amid new transparency from Bitfinex, the troubled exchange that lost 120,000 BTC (worth more than $60m) in a theft that has to date attracted ample mainstream media attention.
For traders, however, it’s the potential recovery from the subsequent 20% decline that is starting to become the biggest topic of interest.
Analysts were quick to compare last week’s drop to one observed earlier this year when high-profile Bitcoin Core developer Mike Hearn exited the project, prompting sharp losses in the digital currency’s price.
Tim Enneking, chairman of cryptocurrency investment manager EAM, was keen to highlight that the Bitfinex hack in and of itself did nothing to change bitcoin’s perceived value among traders, even if general public perception could be impacted.
Rather, he expects traders to see this as an opportunity.
Enneking told CoinDesk: