Resilient crypto Bitcoin bounces back, again!
- Bitcoin’s price plummeted more than US$10,000 just over a week ago.
- Its price dipped to US$33,184, equating to less than half the peak in November.
- Other digital coins like Ethereum, Cardano, and Binance Coin have yet to recover.
If there’s ever an adjective other than ‘volatile’ to describe cryptocurrencies, and in particular the world’s most valuable digital coin Bitcoin, it has to be ‘resilient’.
Bitcoin’s price collapse just over a week ago again reverberated throughout the cryptoverse, with other leading cryptocurrencies and altcoins like Ethereum and Cardano suffering heavy losses as well.
There was news that Russia is considering an outright ban of cryptocurrency amid environmental concerns and the ability for people and the sector to escape financial regulations.
This is despite one recent report estimating that the cryptocurrency industry generates some US$7 billion a year in Russia.
The price of Bitcoin plummeted more than US$10,000, sinking as low as US$33,184, according to CoinMarketCap’s price index, equating to less than half the record peak it enjoyed in November.
Staying true to form, however, Bitcoin has bounced back to hover above US$37,735 as of writing today (January 31) amid news that despite the aforementioned likely Russian ban, President Vladimir Putin remains interested in exploring crypto mining.
So far, other digital coins such as Ethereum, Cardano, and Binance Coin have yet to recover although if the sector has proven time and again it’s that resiliency does underpin it. Ethereum in particular is still more than 47.5% below the all-time high of $4,891.70.
Some analysts believe that Bitcoin’s rollercoaster ride is not over yet as economies including the US fight against inflation and governments decide on whether to raise interest rates.
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