After Last Week’s Brutal Selloff Bitcoin Rise Again
Bitcoin recovered from holiday-thinned trading, rising 10 % from last week’s low of $12,000.
From the start of this year, the virtual currency rose over 20 times from less than $1000 to a record high of almost $20,000. Since that time, it has showed also serious declines.
Market regulators and central banks have warned investors about Bitcoin, although they believe the decline in its value was a natural correction after a heady run-up in prices.
“There is no right current price which would reflect the right current valuation,” said Andrei Popescu, Singapore-based co-founder of COSS, which describes itself as a platform that encompasses all features of a digital economy based on cryptocurrency.
“Taking profit is right, while buying into a long term projection is also right. You don’t have to be right in this market, just less wrong than the rest,” Popescu said.
On Monday, the chairman of the Israel Securities Authority Shmuel Hauser said he will propose regulation to ban companies based on bitcoin and other digital currencies from trading on the Tel Aviv Stock Exchange.
Singapore’s central bank last week issued a warning against investment in cryptocurrencies, saying it considers the recent surge in their prices to be driven by speculation and that the risk of a sharpBSE 3.31 % fall in prices is high.
The major cryptocurrencies, including Ethereum have also recovered after last week’s dip. Remind that Ethereum is the second biggest cryptocurrency by market size.