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The price of the bitcoin virtual currency rebounded back to the range of USD 8,490. Whereas before, bitcoin had dropped to touch the level of USD 6,300 level. Uniquely, the rise in bitcoin price of about 25% is only takes a day or 24 hours. This is good news for holders of the virtual currency.
The rise in bitcoin prices is followed by other cryptocurrency types . For example ethereum rose 5.6% to the level of USD 838 and ripple rose 1.26% to USD 0.74.
The drop in bitcoin prices in recent days is due to the number of countries banning the trading of virtual currencies. For example South Korea has announced that from January 30, 2018, investors in this country can no longer trade digital currencies using an anonymous bank account. That is, market participants need to make sure that the name they give to the exchange is the same as the name in their bank account before trading.
Previously, in mid-January 2018, bitcoin prices have dropped to the level of USD 11,992. The fall in bitcoin prices is driven by investors monitoring the warnings from some regulators and increasing crackdowns on the virtual currency market in China.
Authorities in China are reportedly planning to block domestic access to Chinese and foreign virtual currency platforms that allow for trade in a centralized manner. Regulators will also target individuals and companies that provide trade-related services that are centralized.
Bitcoin prices could soar in 2017 close to USD 20,000. But the price began to erode in early 2018 because many countries are banning the use of bitcoin.
