The bitcoin price might be down, but don’t ever count it out.
After sinking as low as $9,049 on July 17 during a vicious plunge, the dominant cryptocurrency flexed its muscles on Thursday to mount a recovery back across the $10,000 line.
The swift rebound saw bitcoin surge nearly $1,000 in less than 30 minutes, rising from $9,280 to $10,200 on cryptocurrency exchange Bitstamp, reversing a significant portion of its recent plunge.
Bitcoin’s Struggling to Weather the Libra Storm
Analysts have almost universally blamed that sell-off on the US government’s increased focus on cryptocurrency regulation following Facebook’s announcement that it would launch a blockchain called Libra.
EToro Senior Market Analyst Mati Greenspan noted that Tuesday’s downward spiral began following the first leg of Facebook executive David Marcus’ Capitol Hill inquisition.
The severe downturn thrust BTC below the psychologically-significant $10,000 mark and triggered a deluge of bearish forecasts.