Bitcoin price starts to recover after brutal week

The price of Bitcoin starts to climb back, after it nearly drops below $8000…

Even by the standards of cryptocurrency price fluctuations, it’s been a hectic week in the life of Bitcoin. One week ago, the highest profile cryptocurrency was trading at nearly $9400. Now, seven days later, Bitcoin nearly fell below $8000, but is slowly clawing its price back up.

Its price falls reflects a drop in the overall cryptocurrency market, and its plight is very much not alone. But conversely, it’s the inevitable headline grabber. Still, the total market cap has fallen nearly $100bn overall, in a tough week for crypto.

It comes in the midst of Blockchain Week in New York, along with Consensus 2018. It’s also the week that Bing announced a block on cryptocurrency advertising that comes into force over the next two months. That, with due respect to Bing, is unlikely to have made too big a dent, although it does play to the fluctuating confidence from outsiders with regards crypto.

Bitcoin is widely expected to bounce back, still, with BitMEX Ceo Arthur Hayes making headlines earlier this week for one suggesting a $50,000 price by the end of the year. Right now, that seems very much on the ambitious side.

For now, Bitcoin has climbed back – at the time of writing – to $8356, as the market as a whole rebounds. The likelihood is that at the least, Bitcoin will be back above $9000 soon. But who knows what the next week will bring.

Here’s how the last one has panned out…

Lead image: BigStock