Bitcoin on the Rise After Pre-Christmas Crisis
AFP 2017/ Justin TALLISBusiness21:42 26.12.2017(updated 21:44 26.12.2017) Get short URL211
On Friday, December 22, the world’s largest cryptocurrency fell below $11,000 reaching its all-time low since 2013.
Bitcoin has recovered, moving back towards $16,000 after a heavy downturn of over 25 percent last week.
Many market regulators and banks, however, warn against investing in cryptocurrencies, arguing that the recent surge in prices may have been triggered by speculations and that the risk of a sharp drop is high.
Earlier, Morgan Stanley researchers wrote that the real value of bitcoin is “zero,” until the cryptocurrency is accepted as a rival to the US dollar and other fiat currencies.
Bitcoin lost over a quarter of its value on Friday after it dropped to $11,159.93. Despite a late recovery, the price still remains volatile.