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Bitcoin price continues to recover after punishing January and fears of a crash

Andrew Griffin

Bitcoin's value appears to be recovering after a horrifying few weeks for those who are invested in it.

All cryptocurrencies have been gradually sliding since January, after a huge run towards the end of last year. After almost reaching $20,000 in December, the price is now way below half that, and looked to be in an unending slide.

Now the price of bitcoin appears to be picking up a little, at least for the moment. The last three days have seen a stronger performance, after the market apparently bottomed out.

The price is up 5.63 per cent since yesterday. That's in addition to gains of as much as 25 per cent in some cryptocurrencies this week.

Not all of the losses have been made back. The price is still down 4.4 per cent since last week, and almost 43 per cent since last month.

But the last few days mark the first time in weeks that the price hasn't been in a consistent landslide, and during which the price appears to be gaining.

Some had initially suggested that the "bitcoin mania" that was especially prevalent at the end of 2017 had now ended, and that cryptocurrencies could be in a continual slide. While prices are much lower than they have been in recent weeks, the market does at least seem to have thrown off some of the volatility that it has seen.

Extra concerns came at the beginning of the week, when stock markets in the US and then across the world recorded record drops on a day of panic. Bitcoin appeared to have been hit by those fears, but has recovered along with the rest of the market.