Bitcoin Trades at $1060 Again; Recoups All Losses From PBoC Crackdown on Chinese Exchanges


As of today, the price of Bitcoin has recouped all losses that were incurred on February 9th, when the People’s Bank of China spooked majority of Chinese cryptocurrency exchanges into complying with existing financial regulations.

The PBoC warnings sent the price of Bitcoin crashing from $1066 to $914 in the space of a three hours that day. Today, the BTC/USD exchange rate is once again hovering around $1060.

At 9:30 a.m. EST today, the price of the digital currency was trading as high as $1064.99 on Bitstamp, a major digital currency exchange based in Luxembourg:


Volume data from CoinMarketCap shows that majority of trading over the past 24h has not taken place any of the major Chinese trading venues, but on Hong Kong-based Bitfinex, which is responsible for 12.43 percent of global turnover.

OKCoin, Huobi and BTCChina, which have suspended cryptocurrency withdrawals for the time being to complete new money-laundering & anti-fraud checks, account for 7.69%, 5.71% and 6.60% of global volumes, respectively.

Bitcoin’s uncanny ability to recover from all manner of unexpected shocks can be partly attributed to strong fundamental factors and a growing, global user base.

Bitcoin trading has been picking up steam throughout all of 2016 and into 2017, particularly in countries with economic problems and depreciating national currencies like Venezuela, Turkey and Ukraine, as evidenced by the growing weekly volumes on P2P marketplace LocalBitcoins.

Along with rapid growth in global volumes, Bitcoin’s infrastructure in various parts of the world has continued to expand. The number of BTMs (Bitcoin ATMs) across the world is growing at a daily rate of 4.58, according to figures compiled by CoinAtmRadar.com.

At present, there are a total of 1006 BTMs spread out across North America, Europe, Asia, Africa and South America, with majority of teller machines located in the United States:


Bitcoin photo by Zach Copley

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About Author: author Steve Todorov is the founder of Razor-Forex.com, an ardent digital currency enthusiast and Forex trader. Read More...

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2 comments :

  1. First chart should Feb 9 High, not Nov 9 high :)

    ReplyDelete
    Replies
    1. You are correct, will have that fixed asap.

      Delete