Bitcoin Bounces Back for Short Period of Time

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Bitcoin was able to climb in price for a short period of time on Tuesday, February 5th from a drop that has been occurring for the past week or two. The coin managed to drop from its high price of almost $20,000 back in the end of December, to a new low of under $7,500 earlier in the week. With the coin climbing back up slightly, things could be looking up for the price of bitcoin. With all of this wild price action going on for the coin, many are wondering what the cause really is.

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The gains that went on during today’s market have followed the testimony of two financial regulatory commission chairman, who testified before the Senate Banking Committee, to show how the government could work towards having fair regulation for bitcoin. The comments from the regulators wee balanced to help protect investors while also ensuring that the legislation maintained an open and free market. The climb in price for bitcoin also has occurred at the same time as the stock market’s bounce back from its worst day in years.

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These two things are not likely to be a coincidence as many believe that the markets are deeply intertwined. Bitcoin was able to climb up by around 12% to over $7,700, which may not seem like much, but it does show that the coin could be heading in a different direction in the coming months. With the coin falling below $6,000 to its lowest price in almost four months, many have been scared about the price action of bitcoin. The hopes are high that the market will begin to stabilize, with legislation being made to ensure that investors in the industry are safe, and that their investments will not be lost with the wild volatility.


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