Bitcoin Recovers by 10% After a Massive Slump from Last Week
Bitcoin traders and miners just received a great post-Christmas gift – a rise by 10% from last week’s brutal dip.
On December 26, around 04:45 GMT, Bitcoin has reached the value of roughly $15,000 level on Bitstamp Exchange.
It was like a roller coaster ride to Bitcoin traders as they witnessed the world’s biggest virtual currency taking a slump last Friday by as much as one-third of its current value then.
The leading cryptocurrency took a nosedive and fell by almost 30% at one point last December 22, 2017, hitting a new all-time low of $11,590 since 2013.
While the overall value of Bitcoin has skyrocketed throughout 2017, it continues to give traders a bumpy ride in the last month.
Just three days after it posted an all-time high of almost $20,000, the cryptocurrency crashed down to below $12,000. This prompted Coinbase to disable its buy and sell features due to the site’s extremely high traffic last Friday.
Due to the volatility of Bitcoin, there has been a wave of warnings stemming from central banks and market regulators in many parts of the world.
Several regulatory bodies across the globe, including the Central Bank of Singapore, have already issued a warning against trading and investing in cryptocurrencies highlighting the possibility of the massive fall in prices.
Even the co-founder of Singapore-based firm COSS, Andrei Popescu, reveals that the current valuation of Bitcoin cannot be reflected by the current price.
Alongside Bitcoin, its rival cryptocurrencies which experienced a decline last week, are also climbing their way back to the top.
Meanwhile, Ethereum, the second-biggest digital currency, has also gained momentum and reached a value of $771 compared to $689 on Sunday.