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Crypto market gets back on its feet after severe sell-off


Crypto market gets back on its feet after severe sell off

Major digital currencies Bitcoin, Ethereum and Ripple, edged higher on Friday after world's most prominent cryptocurrency Bitcoin lost more than 50 percent from its December high.

Bitcoin and Ethereum, the first and second largest virtual currencies in terms of market capitalization appeared to recover after Wednesday's lows.  Bitcoin fell as $9,199.59 on Wednesday morning but it bounced back to $11,527.70 on Friday at 11:45 am, IST. Ethereum, which dived below $800 mark to a three-week low on Wednesday also seemed to have lifted selling at a price of  $1,039.08 on Friday. Ripple's XRP, known as ripple surged to $1.64 a coin, according to a data from CoinMarketCap. It had fallen as low as 90 percent on Wednesday.

The investors had been spooked by the regulatory crackdowns from South Korea and China. South Korea which is one of the biggest markets of the cryptocurrency is considering to shut down the trade and exchange of all the virtual currencies, treading the path of China. The Regulators have expressed their concerns over digital assets due to their volatile nature and are threatened by its growing use for illicit activities.

Charles Hayter, CEO of digital comparison site Cryptocompare told CNBC,'Trade volumes were very noisy on Thursday as the bulls and bears fought it out, but some calm has appeared on the markets after what has been a severe correction.'  Hayter added, 'This market has turned big, and governments are sensing revenue for the coffers as a threat to some degrees.' He finds regulation of cryptocurrencies good in the long run but is concerned about the unnecessary hoops and bureaucracy that could impact the potential of the industry adversely.

Speculations lay the foundation for innovation, the bumpy road of cryptomarket continues to be the hot balloon but the recent gain is a green light for crypto as market again shows some rays of hope and gives a sigh of relief to the investors.