After dropping below the $30,000 mark for the first time since January, Bitcoin price jumped about 15% on Wednesday. The top cryptocurrency is once again above $30,000 and rallying aorund $34,000 mark. It is up about 15% after it fell to about $28,000 earlier in the week.
When compare witht the all-time high that bitcoin hit in April, presently it has lost over 50% of its value. However, as the prices of top cryptocurrency spick up once again there is hope tthat investor confidence is restored.
While experts are not betting on a speedy recovery given how China and other governments are taking tough stand against use of cryptocurrencies, they are still confident about the future of top tokens. Despite the ups and downs the future of cryptocurrencies is bright and these are just small hiccups in their wider adoption.
The recent drop was triggered when China urged Alipay, the country’s biggest online payments platform to identify and invetsigate cryptocurrency exchanges and payment providers and cut ties.
For Bitcoins and cryptocurrency , these regulatory hurdles are not new. As such, despite anti-crypto news coming in from China, the market is sustaining itself and resilient to any massive crash.
Apart from Bitcoins, Ethereuma and Dogecoin prices also jumped about 5% on Wednesday.