The oldest and most widely used cryptocurrency has strengthened by roughly eight thousand dollars over the past week, accounting for more than 16 percent. Bitcoin has thus, it seems, recovered for good from the impact of China’s tough restrictions.
According to the portal Coindesk.com, Bitcoin owes, among other things, to a giant $1.6 billion investment that came in the middle of last week. During Wednesday, Bitcoin raised nearly five thousand dollars, which equates to a growth of about a tenth. The $1.6 billion in question has skewed daily deal volume well above average.
And it should be added that from Wednesday through Sunday, the rate of Bitcoin hovered steadily around $55k. In doing so, until less than a month ago, he wrestled to maintain the 40,000-strong border. But does this mean that Bitcoin is back and that it has indeed recovered for good from hard Chinese restriction in the form of a de facto ban on cryptocurrency trading?
Hard to say. But what is certain is that Bitcoin awaits another big test of resilience sooner or later. The latter will come as the US central bank announces a tightening of its monetary policy. And according to some signals, that could still happen by the end of this year.