After seeing Bitcoin lose over 40% in value following the news that China are to ban exchanges, Bitcoin has quickly bounced back to over $4,000.
Many other CryptoCurrencies have also seen a sharp rise following last week’s drop. Ethereum is currently trading at above $290 after dropping to around $215 last week. Ripple is also up around 5%.
The crackdown on Bitcoin and CryptoCurrencies in general is still set to continue, we still expect more news to come out from China, and other countries in the coming weeks. Be mindful that the market appears to be extremely volatile – we expect this trend of big gains and big losses to continue in the near future at least.
News is today circulating that China will not only ban Chinese exchanges but also use its Great Firewall to prevent its citizens from accessing foreign exchanges such as Coinbase and Bitfinex.
Keep checking back for further news and updates.
We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.