The typically volatile crypto market felt three blows in quick succession, all three of which played a part in driving prices down. Bitcoin, along with other popular digital currencies, dipped big yesterday.
And in characteristic fashion the prices are back up, somewhat.
For starters, Bitcoin is in recovery mode, after prices that were about to cross the psychological $12,000 mark declined to a low of $9,468 yesterday in a matter of hours.
Rumors of Binance being hacked, which ultimately turned out to be a false alarm. A tougher stance from the SEC against unregulated exchanges, which is not exactly unexpected. And more regulatory concerns from Japan, which alongside the US is one of the world’s most active markets for digital assets.
Anyway, Bitcoin price bounced back up 6% to $10,070 today, and is back to its daily swing routine, albeit upwards this time.
Obviously, while Bitcoin was down 9.17%, Ethereum also fell by 9.36%, and Ripple saw a 9.97% dip.
Bitcoin Cash and Litecoin were also down by similar amounts.
These price drops aren’t exactly a surprise, as cryptocurrency speculators traditionally respond very negatively to any indication that these digital assets are liable to be regulated. Then again, there’s no shortage of voices that ask for stricter rules and regulations in order to prevent scams and cons.
And bring some stability to an actively volatile market.
For the time being, though, the volatile cycle continues.
And while the market has been solid enough to catch up to the $10,000 mark after going down multiple times, it’s the magical $15,000 figure that will chart the next direction — not just for the original cryptocurrency but the market as a whole.