Bitcoin Bounces Back Strong, Peaks at $2,800 as of Wednesday
The price of Bitcoin is on a steady track of recovery in what is viewed by analysts as another session of rallies as trading on other key online exchanges registered near or beyond $2,800.
Almost a week following a drop to a monthly low near $2,100, price of the virtual currency in terms of world market exchange average hit a peak of $2,795.35, taking into consideration the premiums in key trading markets in most of Asia. For instance on Bitstamp, Bitcoin hit a peak of $2,789.
At the time of press, the price of bitcoin on Bitstamp is $2,719.47 following a rebound after dropping to a low of $2,630 on the day.
The drop recorded a few days back, which noted huge declines across the digital currency landscape, was underscored by electronic cash analyst Andreas Antonopoulos as a corrective trajectory toward a stable price cycle.
According to Antonopoulos, they are going back to “more sustainable price levels for all electronic currencies… in the process of returning to the long-term trend line, we will undershoot.”
In another perspective, currency officials of South Korea highlighted speculative markets as the culprit behind the aggressive climb in bitcoin prices, spearheaded by ICO offerings which have increased in popularity during the last few weeks.
The currency officials gathered on Sunday as a part of the government’s virtual currency task force, created in November last year to craft a regulatory ordinance for the country’s bitcoin integration.
In a related development, Korean and Chinese trading markets – the second- and third-biggest markets in the world after the US – continue to show crucial premiums.
The globe’s most popular virtual money is being traded at more than $3,000 a coin in Korea, while the spread between the United States and China is likewise rising.