00:43 GMT +320 January 2018
Listen Live
    Bitcoin coins

    Bitcoin on the Rise After Pre-Christmas Crisis

    © AFP 2018/ Justin TALLIS
    Business
    Get short URL
    211

    On Friday, December 22, the world's largest cryptocurrency fell below $11,000 reaching its all-time low since 2013.

    Bitcoin has recovered, moving back towards $16,000 after a heavy downturn of over 25 percent last week.

    Many market regulators and banks, however, warn against investing in cryptocurrencies, arguing that the recent surge in prices may have been triggered by speculations and that the risk of a sharp drop is high.

    Earlier, Morgan Stanley researchers wrote that the real value of bitcoin is "zero," until the cryptocurrency is accepted as a rival to the US dollar and other fiat currencies.

    Bitcoin lost over a quarter of its value on Friday after it dropped to $11,159.93. Despite a late recovery, the price still remains volatile.

    Related:

    Japan's Biggest Bank to Introduce Safety Net for Bitcoin Investors
    Bitcoin's True Value is Nothing, Morgan Stanley Warns
    What Could Go Wrong for Bitcoin in 2018?
    Tags:
    cryptocurrencies, rise, finance, bitcoin
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik
    • Сomment