Although Bitcoin has witnessed a bitter trend in the last few months, the prices have strongly rebounded now. The price of Bitcoin closed at $4623.56 today. For the first time in months the price has returned to $4600.
In the first half of September, Bitcoin had some global regulatory issues, so the price of Bitcoin fell by more than 30% in 15 trading days. However, after the bitcoin price bottomed out, it rebounded back by 43%. Analysts expect the price of Bitcoin to be bullish in a short period of time. As a result of the strong rebound in the market, analysts believe that the words of JP Morgan analyst Dimon are just a statement, and not so important.
Wall Street had learned that from the end of 2013 to early 2017, it was the golden age of China’s special currency transactions. At that time China monopolized more than 90% of the world’s Bitcoin currency transactions. But at the beginning of this year, Chinese regulators introduced a series of stringent measures, resulting in the reduction of domestic spot currency trading volume by 10%. Just as Chinese regulators had cracked on domestic bitcoin trading, Japan and the United States were starting to trade in Bitcoin with the help of the crazy ICO. Bitcoin price has been very volatile in the past months and experts think that it is going to be volatile again.
Also Read: Bitcoin Is A Scam, says JP Morgan CEO
According to reports, after the Chinese regulators order on the ban of special currency exchange, the market did not completely “disappear”. Personal transactions were still going on. In the Bitcoin trading platform LocalBitcoins, China’s trading volume soared on September 16.