The price of bitcoin is recovering after a massive fall last week. The free-fall of bitcoin price gone lowest at $2,981. However, the market started surging again from the massive drop since then and on Monday the value increased from $3,672.57 to $4,063.74 according to the coindesk Bitcoin Price Index.
The cryptocurrency collapsed after the Shutdown reports of Chinese Bitcoin Exchange and ban on initial coin offerings (ICOS) were out in media. The price of bitcoin dropped by 16% against the US dollar last week after the country after the news of the ban on cryptocurrency.
Now the bitcoin is surging again since today’s morning, reaching the price at $4,063.74 at press time. Along with bitcoin the other top cryptocurrencies and altcoin also soar with all together market cap stood at $137 billion as per the CoinMarketCap data.
Following seeing the market status of cryptocurrency now it can be said that the news on digital currency and ICO’s ban in China is not bothering the cryptocurrencies anymore and there is a long profitable way to go for the bitcoin.