Bitcoin Roars Back From The Abyss, Rising Past The $6,600 Markbr>
Like a hand from the grave, bitcoin confounded the naysayers this morning. Yesterday’s gloom and doom caused by a plunge to the $6,300 per single coin level evaporated this morning, as a rally boosted the price back up.
Whether this is the proverbial dead cat bounce remains to be seen, but for today, it’s a welcome respite from the battered cryptocurrency investors, as the market followed suit. The top ten coins all were up between six to nine percent at mid-morning.
After a six-week period where regulators pounded the market, police raided some exchanges, and even billion dollar debuts did little to galvanize the market, any rise in price would represent good news. Now, as always, sustainability will be the key, as bitcoin looks to recover about $1,000 in value since the most recent plunge.