Bitcoin Soars After an Appalling Performance Last Week

Bitcoin Soars After an Appalling Performance

Bitcoin price reversed some of the earlier losses in Monday’s trading, currently trading above the 14,000 level thanks to the trading strategy of buying the digital currency after the dip that some people use. Bitcoin lost considerable value last week, amid uncertainties related to the Chinese and South Korean governments. However, Bitcoin price jumped more than 6% in Monday’s trading, repairing some of the losses it generated last week.

Source Image: CoinMarketCap

Bitcoin was standing around $17,468.90 on January 6. However, by January 13, the largest cryptocurrency by market capitalization was selling for $14,237.70, marking a significant loss in price value.

Although uncertainty regarding the regulatory authorities continues to impact investor sentiments this week, the majority of cryptocurrencies are still trading in the green today.

Bank Indonesia has warned investors about trading in cryptocurrencies. The bank has taken a strict attitude against cryptocurrencies, urging investors to avoid buying, trading, or selling digital currencies.

Early this month, Bank Indonesia also imposed a ban on all financial technology companies that were using cryptocurrencies for their transactions. They haven’t entirely banned cryptocurrency trading yet, but they have issued a new warning about it.

On the other hand, the South Korean authorities have been silent over the threat of a potential ban since last Thursday. Last week, the South Korean justice minister announced that the government is preparing a bill to ban anonymous cryptocurrency trading.

South Korea will make a decision on the proposed ban of anonymous cryptocurrency exchanges after “sufficient consultation and coordination of opinions” has occurred, said the country’s government on Monday. The broader rally was observed in crypto markets after the latest statement from South Korea

Bitcoin price has soared above $14,259 in Monday trading after an early selloff. Bitcoin’s market capitalization is now hovering around $239 billion. Last week, Bitcoin lost almost 18% of its market capitalization but seems to now be in an upswing.

  Featured Image: twitter

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