Bitcoin tacks on 10%, reviving from the previous week's steep selloff

Bitcoin tacks on 10%, reviving from the previous week's steep selloff

On Tuesday, bitcoin managed to extend its revival in holiday-thinned trade, ascending 10% to head north more than a third from the previous week's minimums below $12,000.

Bitcoin, which appears to be the world's number one cryptocurrency, inched down almost 30% at one stage on Friday hitting $11,159.93 and, notwithstanding a late revival, faced its worst trading week since 2013. As a matter of fact, on the Luxembourg-based Bitstamp exchange at 0445 GMT, bitcoin was quoted approximately $15,049.

The most popular cryptocurrency around the globe has edged up approximately twentyfold since the beginning of 2017, soaring from less than $1,000 to $19,666 on December 17 on Bitstamp and also to more than $20,000 on other exchanges.

While bitcoin traders and financial experts are assured that the sag in its value happened to be a natural correction following a heady run-up in prices, there have been more warnings from key banks and market regulators.

 

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