Crypto traders cling to hope the momentum will return soon

SINGAPORE: Cryptocurrencies slipped on Thursday, though without falling through recent lows, as traders clung to hopes that a nascent recovery from last week's plunge can regain its momentum.

Bitcoin has failed to hold above its 200-day moving average and it fell about 4% in the Asia session to $37,619. Ether, the coin linked to the ethereum blockchain network and the second-biggest cryptocurrency by market value, fell more than 7% to $2,675.10.

Both have marked sizeable year-to-date gains, with bitcoin up about 30% and ether more than tripling. But a month-long selloff culminating in a sharp collapse last week has each of them well below record peaks made in April.