Bitcoin returns above $11,000 on Monday, continuing a strong rebound after undercutting $6,000 intraday on Feb. 6., after Ethereum’s co-founder warned that cryptocurrencies “could drop to near-zero.”
Bitcoin rose 7% to $11,138.33 on Monday, according to Coindesk. Bitcoin retook the $10,000 mark last Thursday. Bitcoin Investment Trust rose sharply last week in sympathy with Bitcoin and other digital currencies, Overstock.com also rallied while Riot Blockchain tumbled on a CNBC investigation.
Bitcoin had plunged from around $20,000 in late December following a climax run and as regulators around the world, especially South Korea and China, stepped up curbs and rhetoric vs. cryptocurrencies. Bitcoin rebounded from its 200-day line on Feb. 6, the same day as U.S. financial regulators expressed caution vs. Bitcoin but didn’t signal a move toward banning or severely restricting cryptocurrency trading.
Meanwhile, Vitalik Buterin, Ethereum co-founder tweeted Saturday that cryptocurrencies are a “hyper-volatile” new asset class.
Ethereum and Ripple rose about 2% Monday, while Litecoin gained 4.5%.
Frontpage August 7, 2019