Bitcoin has risen and fallen in cycles over the years, so it's possible for it to rise again after a huge fall. Bitcoin is a speculative asset, meaning that positive sentiment around it has the tendency to multiply. If people believe that the price of Bitcoin will rise, then they may buy more of it, which can lead to a price surge .
Bitcoin prices bounced back today, climbing after falling to their lowest in over four months amid weak market conditions.
The worldâs most prominent digital currency reached as much as $56,856.61 this afternoon, according to CoinMarketCap data.
At this point, the cryptocurrency was up more than 5.8% after falling to $53,717.34, its lowest value since late February, shortly after midnight EST, additional CoinMarketCap figures show.
After rising to the aforementioned daily high above $56,800, the digital asset experienced some volatility, but it has held on to most of the gains it generated earlier today.
When explaining bitcoinâs recent price fluctuations, several analysts stated that the digital currency had become oversold when it declined over the last 24 hours.
Several media reports pointed to the announcement that the trustee for Mt. Gox had started making payments to certain creditors as the reason why the digital currency fell to its lowest in over four months within the last 24 hours.
Tim Enneking, managing partner of Psalion, commented on this development, but emphasized that several factors contributed to losses in bitcoin.
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