Slowly but steadily, Bitcoin is recovering its lost value. Still, long term revival will take time especially matching the highs that Bitcoin touched in the second half of the last year. Over the weekend, Bitcoin price was at six-day highs at $9,000. Nevertheless, the popular digital currency plunged below $8,000 briefly on Sunday just before taking a climb once more. Bitcoin price today on CoinDesks’s Bitcoin Price Index (BPI) was last seen at $8,827. Bitcoin’s price is nearly 40 percent above last week’s low of $5,947.40. The recovery made by the virtual currency can be owed to the fact that Forbes came out with a list of bitcoin millionaires. This got the heads talking in real sense. The other good news for the digital currency came from Korea where the Prime Minister confirmed that cryptocurrencies wouldn’t be in any danger of being shut down provided they go by the rules.
Bitcoin price has been the flavour of the season last year. Investors worldwide including India invested large sums into the digital currencies including Bitcoin. On December 17 last year, Bitcoin price touched a high of $19,783. However, just as the Bitcoin touched the $20,000 figure, it was followed by nearly 30 percent fall that shaved millions of dollars worldwide. On February 1, Finance Minister Arun Jaitley said that cryptocurrencies including Bitcoin are not a legal tender. Exchange servers were said to have come to a halt for two days, as a result of this due to sudden spurt in transactions. However, platforms themselves said that things settled down after the initial panic.
Just week back, Nouriel Roubini, the man who rightly predicted the housing crash in US way back in 2008 called Bitcoin the mother of all bubbles. He compared it to the Mississippi bubble, tech bubble, and Tulip mania. Compared to its peak in mid-December, Bitcoin price crashed nearly 60 percent. He said that the digital currency is on its way down to zero as its fundamental value is zero. It’s still to seen where the famous digital currency settles down in the days to come.