Yahoo Finance Bitcoin Recovers After Dipping Below $5,800
Investing.com – Bitcoin prices recovered on Monday after dipping as low as $5,787 on Sunday, marking its lowest price so far in 2018 as Japan’s regulator called for improved measures at all local exchanges.
Bitcoin was trading at $6,169.9 by 1:30AM ET (05:30GMT) on the Bitfinex exchange, up 4.1% over the previous 24 hours.
Ethereum, the world’s second largest cryptocurrency by market cap, gained 0.6% at $450.6 on the Bitfinex exchange.
Ripple’s XRP token climbed 2.5% higher to $0.47575 on the Poloniex exchange.
Meanwhile, Litecoin added 3.7% to $79.96.
Bitcoin fell to as low as $5,787 on Sunday, which represented more than 70% decline in value compared to its December high just short of $20,000.
The fall in prices followed news that Japan’s Financial Services Agency (FSA) hit six local crypto exchanges with business-improvement orders.
The companies must submit their plans by July 23, according to FSA.
“The market is still trading on low volumes and has yet to break out of its current downtrend, leaving itself susceptible to sell-offs,” said Ryan Rabaglia, head trader with cryptocurrency dealing firm Octagon Strategy Ltd. in Hong Kong, in an email. “Although the market reacted negatively, I view this as a positive for the industry as a whole.”
Bitflyer, QUOINE, Bitbank, BTCBOX, BITPoint Japan and Tech Bureau were the exchanges penalized by the FSA, according to reports.
Bitcoin fell by as much as $200 last Wednesday following news of a security breach of South Korea-based exchange Bithumb. The exchange announced on Wednesday morning in Asia that it has been hacked and 35 billion won (US$31.5 million) worth of virtual coins were stolen.
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