A
Bitcoin sign can be seen on display at a bar in central Sydney,
Australia
Thomson
Reuters
Bitcoin
enjoyed a great start to the week on Monday.
The digital coin, which has been sliding the past couple days
amid uncertainty about the future of cryptocurrencies in China,
was trading up over 7% at $3,928 per coin.
Reports on September 14 that
Chinese regulators would require exchanges to voluntary shut
bitcoin trading triggered a sell-off of nearly $1,000,
bringing the price of the cryptocurrency below $3,000 for
the first time in over a month. Within hours, however, bitcoin
recouped most of those losses.
But traders are optimistic.
Josh Olszwicz, a bitcoin trader, for instance, told Business
Insider the news out of China won’t have a long-term impact on
bitcoin because it doesn’t affect the
cryptocurrency’s blockchain, the underpinning technology of
the coin.
“If it doesn’t affect the protocol, then it’s not a real
problem,” he told Business Insider.”The bitcoin cash shakeup was
much more worrisome from my perspective, but even then the core
bitcoin protocol remained unaffected.”
On August 1,
bitcoin forked into two different cryptocurrencies: bitcoin
and bitcoin
cash.
Technical analysis reported by CoinDesk, the cryptocurrency news
site, suggested a break of $3,800 would open the door to $4,200
or higher.
“Such a move would add credence to last week’s bullish doji
reversal and higher lows pattern, and may open the doors for
$4,300,” CoinDesk’s
Omkar Godbole wrote.
Bitcoin is up about 429% this year.
MI