Bitcoin starts clawing back from 3-month downtrend, but may not be out of the woods yet, analysts say

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Bitcoin starts clawing back from 3-month downtrend, but may not be out of the woods yet, analysts say
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A weekly look at the most important moves and news in crypto and what's on the horizon in digital assets.

Hello! Welcome back to Distributed Ledger, our weekly crypto newsletter that reaches your inbox every Thursday. I’m Frances Yue, crypto reporter at MarketWatch, and I’ll walk you through the latest and greatest in digital assets this week so far. Find me on Twitter at @FrancesYue_ to send feedback or tell us what you think we should cover.Crypto in a snap The crypto market recovered some of its losses from earlier this year. Bitcoin BTCUSD, +0.73% rose 20.

Martha Reyes, head of research at crypto exchange Bequant, said she is “less convinced” that bitcoin’s price is out of the woods yet, but sees its long-term potential. DOJ seizes $3.6B in bitcoin from Bitfinex hack ​​The U.S. Department of Justice said it recovered $3.6 billion in bitcoin stolen in a 2016 hack of the crypto exchange Bitfinex, the agency’s largest financial seizure in history, MarketWatch’s Lukas Alpert reported.

“As hackers continue to target businesses and individuals, this case demonstrates how the permanent record left by the blockchain can assist in recovery,” blockchain data platform Chainalysis wrote in Tuesday notes. “I get really bullish on seeing stuff like that, because, to me, the cycle of cryptocurrency is all about adoption,” David Martin, product manager at crypto-trading platform Falcon X told MarketWatch in an interview.

“If you think back to mid- to late 90s, ads alone did not lift the fortunes of online brokers — they rose and fell in large part in correlation with how markets behaved in general,” according to Farrokhnia.

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