Bitcoin climbs 4% on short-covering, holds above $6,000

Bitcoin rose over 4% on Wednesday on track for the first profit in three days, amid recovery attempts from seven-week lows, while prices hold above the psychological support of $6,000, as investors pick up cheap  crypto assets. 

Bitcoin rose $261, or 4.2% to $6,455 at Bitstamp, with a session-high at $6,484, and a low at $6,186. 

Bitcoin lost 0.9% on Tuesday, the second loss in a row, while marking a seven-week low at $5,880. 

The world's biggest cryptocurrency lost 10.2% last week, the second weekly drop in a row, on concerns over US regulatory limitations. 

Market value of cryptocurrencies rose $11 billion on Wednesday to a total of $207 billion, after plumbing $190 billion yesterday, the lowest since November 2017. 

Even as the overall sentiment in the market remains decidedly negative, participants are still preferring Bitcoin over other cryptocurrencies, with its market share rising over 51%. 

Otherwise, traders await the financial results of Nvidia, the giant maker of graphics processing units (GPUs) and developer of artificial intelligence tech, later this week, with analysts expecting a revenue drop from selling crypto mining machines, which made up 9% of total revenue for the company in the first quarter of the year.