For the first time in the last two weeks, Bitcoin has cleared $10,000 after facing a major set back when it lost around two-thirds of its value from the record high in December 2017 when it reached $19,000.
Last week, bitcoin price caused a major uproar when it fell to record low reaching $5,947 causing panic among the investors. Still, the current value of Bitcoin is too low for people who bought the cryptocurrency in December or at the start of the year 2018. Since the start of the year, Bitcoin’s market cap is still down by about $60 billion.
Apparently, the prices have started to suddenly fall amid fears of global cryptocurrency crackdown initiated by governments. The market saw hope when the US government made it clear that instead of quashing the cryptocurrency they want to regulate it. But all central banks around the world don’t hold the same sentiments.
In Pakistan, State Bank has made its views regarding very clear, stating that the central bank doesn’t recognize any form of cryptocurrency. FIA has also begun crackdown against traders involved in cryptocurrency.
Bitcoin first topped $10,000 on 28th November which attracted a vast number of people towards the cryptocurrency. Though the rising prices of cryptocurrency can bring hope for the new investors, we have yet to see whether the correction is part of the bitcoin bubble that will soon collapse or will it live to fight another day.