Since the start of the year, Bitcoin and Ethereum have had a tough time in the cryptocurrency market. This saw Bitcoin lose more than 50% of its value. This was had also started with a drop which had seen Bitcoin price go below $7,500. However, the week seems to be ending well after Bitcoin recovered by close to 18% and is now moving towards the $9,000 mark. The initial drop may have been caused by the G20 summit panic but the after it was decided that there was no need for major regulation the market went up.
Jack Dorsey who is the CEO of both Twitter and Square said on the 21st March that Bitcoin is the worlds and internet’s future. This statement saw Bitcoin break the %9,000 mark that day. The price did however not stay above $9,000 the following day because of the problems facing Binance exchange. The Japanese Financial Services Authorities threatened Binance with deregistration before the exchange giant announced that it was relocating to Malta a country which does not have settled markets.
Yesterday alone saw Bitcoin move up by 4.5% which saw the world’s biggest digital currency trade above the $8,980 mark. On the other hand, Ethereum is still trading below the $600 mark. This is, however, a boost for Ethereum holders because the market had initially fallen below the $500 mark on March 18th. Since that drop Ether has now moved up by over 17% giving hope for the panicked investors.
Ripple which has been having a tough year as well also went up by 3% in 24 hours to trade slightly above the 40.65 mark. Almost all the top ten coins are on a positive move. The tenth-ranked digital currency in terms of market cap IOTA moved up by the highest value in the last 24 hours to trade at an average of $1.40.