Bitcoin recovers after yesterday’s crash

Bitcoin recovers after yesterday’s crash

KARACHI: Bitcoin has recovered on Wednesday after witnessed a decline below $30,000 a day earlier.

The bitcoin on Wednesday bounced back above $34,000 mark to trade as high as $34,367 in early morning trading. It last changed hands at $33,641.27, up 3 per cent on the day, according to CNBC.com

Smaller rivals also surged, with ether rising 6 per cent to $2,014 and XRP up 9 per cent at a price of 64 cents. The reason for the moves higher was not clear, but cryptocurrencies are known for their volatility.

Bitcoin had a solid start to the year, rallying to an all-time high of almost $65,000 ahead of crypto exchange Coinbase’s blockbuster debut and as institutional investors appeared to be warming to it.

But the world’s biggest digital coin has been on a roller-coaster ride since, almost halving in value amid a slew of negative news.

In China, authorities have been clamping down on bitcoin mining, the power-intensive process for validating transactions and generating new bitcoins. Over the weekend, Beijing’s crackdown on crypto mining extended to the hydropower-rich Sichuan province.

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