Bitcoin remains volatile, recovering from last week’s slump

Bitcoin rebounded somewhat on Monday and continued its roller coaster ride after China’s crackdown on the cryptocurrency market last week stumbled onto cryptocurrency.

Bitcoin recently traded at $ 43,634, up nearly 1%. The cryptocurrency has fallen 10% in 10 days and is up 26% in the past three months.

On Friday, China’s central bank, the People’s Bank of China, worked with several other state agencies to ban Bitcoin transactions and mining.

Cramer: What cops are missing about China’s crypto breakthrough

Two Bitcoin-related stocks fell on Monday. You are Coinbase (COIN) , the largest US cryptocurrency exchange, up 0.5% at $ 230.50; and MicroStrategy (MSTR) – Receive a Class A report from MicroStrategy Incorporated, up 0.9% to $ 594. MicroStrategy is the data analytics company that was $ 5.3 billion worth of Bitcoin on Sept. 14.

square (SQ) – Receive a Class A report from Square, Inc., the payment technology provider who is another big backer of Bitcoin, its stock fell 1.2% to $ 259.37.

The debate over what Bitcoin really is rages on among bulls and bears.

Some cops say the use of Bitcoin as a medium of exchange in normal commercial transactions will increase.

Bears indicate that few consumers and businesses are willing to use such an unstable currency to buy and sell goods and services.

Bitcoin bulls say the digital asset is an inflation hedge and a store of value. Bears point out that Bitcoin has so far only proven itself to be a vehicle for speculation.

The bulls also claim that the currency can protect investors from declines in other markets such as stocks. But the bears note that there has been no sustained decline in stocks since Bitcoin’s creation in 2009 to test this theory.

And on many days, stocks and Bitcoin fell at the same time.

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