The most famous digital currency is going back over $16,000, after losing more than 30% in one day, hitting the $12,000 mark. Bitcoin recovered some of the ground lost in a pre-Christmas rout that took its price down below $12,000.
Let’s remember bitcoin had amazingly risen since the start of the year, going from less than $1,000 to as high as $19,666 on 17 December. However, it has posted heavy declines since.
Many bitcoin investors think the decline in its value was a natural correction after the rally. “There is no right current price which would reflect the right current valuation,” said Andrei Popescu, co-founder of COSS.
“Taking profit is right, while buying into a long-term projection is also right. You don’t have to be right in this market, just less wrong than the rest,” Popescu said.
At the same time, the chairman of the Israel Securities Authority, said this week he would propose regulation to ban companies based on bitcoin and other digital currencies from trading on the Tel Aviv Stock Exchange.
