The first and most valued cryptocurrency, Bitcoin, had a rough start into 2018 after it saw its price fall from an all-time high of about $20,000 last Dec. to a low of less than $6,000 on Feb. 6. However, Bitcoin price began to show signs of a steady recovery lately, on Saturday Feb. 10, Bitcoin broke through the $9,000 mark and hit $9,070, which represented a 5 percent rise in value over 24 hours before it saw its value once again slumped, apparently quashing any signs of a Bitcoin recovery.
However, on Monday Bitcoin price witnessed a recovery as the regulatory bodies that have plagued cryptocurrencies this year showed signs of subsiding. At 10:26am GMT, Bitcoin price rose 2.6 percent to about $8,774, rebounding by almost 50 percent since the price dropped below $6,000 last Feb. according to composite Cryptona pricing. Other cryptocurrencies such as Ether, Ripple, and Litecoin rose by at least 3.5 percent.
Its good news that after long weeks of mounting pressure and negative headlines that successfully slid down its values, cryptocurrencies won a sort of amnesty as top US regulators during the appearance before a Senate committee called for greater oversight without proposing industry-killing measures on the development of virtual currencies.
This news would give enough positive momentum for crypto investors. Cryptocurrency holders would be glad to know that Bitcoin price is rising again – presently $8,603 – another sign that confidence might be returning after an early-year spell of Bitcoin price falls and negative news.
Do you think it’s the Senate sitting that How do you feel about the Bitcoin rise in value as well as the increase in the value of other cryptocurrencies? Tell us in a comment box.
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