BITCOIN had a price boost yesterday as the cryptocurrency hit its highest price for a week, passing the $9,000 mark, before it saw its value once again slump.
By DAN FALVEY
03:42, Sun, Feb 11, 2018 | UPDATED: 08:20, Sun, Feb 11, 2018
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Expert warns bitcoin value has "further to fall" before stabilisingPlay Video
The online currency has had a torrid start to 2018 after it saw its price plunge from an all time high of nearly $20,000 in December 2017 to a low of less than $6,000 on February 6.
However, the cryptocurrency began to show signs of a steady recovery over the last few days with its price climbing to more than $9,000 on Saturday morning, representing a 5 per cent rise in value over 24 hours.
However, any signs of a Bitcoin recovery were quickly quashed as the digital money then saw its price once again drop.
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It is presently worth $8,231.
The failure of Bitcoin’s price to continue rising as it pursues to once again reach the value of December 2017 adds credit to the theory that the cryptocurrency was in a bubble due to burst.
Throughout 2017 Bitcoin’s value increased by more than 1,500 per cent.
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Speaking in December Nicholas Gregory, CEO of the cryptocurrency business enabler, CommerceBlock, warned: “Once Bitcoin starts to behave more in tune with traditional foreign exchange markets, people's faith in it will only grow.
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“However, that means it is not immune, and should not be immune, from price corrections either.
“A significant price correction and the long term viability of bitcoin as a major alternative currency are not mutually exclusive.”
The dramatic drop in the price of Bitcoin began after some countries announced their intention to introduce new laws surrounding cryptocurrencies.
Up until now the online money has been unregulated, adding interest to digital currencies because of its freedom.
South Korea introduced a raft of measures last month aimed at regulating Bitcoin and similar currencies such as Ripple and Ethereum.
Bitcoin has seen it price drop to below $6,000 in 2018 after a record breaking 2017
A ban on anonymous trading was implemented by the Asian power in a bid to crack down on all possible criminal activities the secret nature of trading Bitcoin allowed.
Meanwhile, India’s Government has said it does not consider cryptocurrencies to be legal tender and will try to phase out payments using the online money.
Japan has also announced its intention to introduce more rules around trading the digital money.
