Bitcoin Steadies, Eyes Second Straight Weekly Gain
Investing.com – Bitcoin prices were roughly unchanged on Friday, as the digital currency continues its post-China-ban recovery.
On the U.S.-based Bitfinex exchange, bitcoin fell to $4,180.1, down $8.6, or 0.21%. Bitcoin is about 20% below its recent peak of $4,969 with a market cap of slightly about $70 billion.
A few weeks after Bitcoin suffered one its worst crashes in its nine-year history as China stepped up efforts to curb bitcoin activity, forcing local cryptocurrency exchanges to cease trading, the popular cryptocurrency has pared most of its losses.
The sharp recovery in Bitcoin comes as investors downplayed the fallout of the China ‘ban’ on global bitcoin trading activity. The Chinese bitcoin exchange market only accounted for approximately 10-13% percent of global bitcoin trading activity so far this year.
In the aftermath of the ban, Japan has become the largest Bitcoin exchange market with 50.75% of the global Bitcoin exchange market.
Bitcoin Cash lost 3.93%, to $420.20, while Ethereum fell 3.15% to $292.99.
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