Published on September 16th, 2017 | by bitcoin0
After Falling Below $3000, Bitcoin Bounces Twenty Percent
LONDON (Reuters) – Bitcoin bounced by more than 20 percent in the space of just four hours on Friday, having skidded below $3,000 earlier as Chinese authorities ordered Beijing-based cryptocurrency exchanges to stop trading.
The rapidity of the fall – matched by losses across the hundreds of other cryptocurrencies that now rival bitcoin – had driven fears that a giant crypto-bubble was finally bursting.
Bitcoin looked likely to record its worst week since 2013.
But although Chinese exchanges used to dominate bitcoin trading – according to their reports – because of the fact that they did not charge fees, volumes have plunged since January, when Chinese authorities made fees mandatory.
Smaller Chinese bitcoin exchanges ViaBTC, YoBTC and Yunbi also announced similar closures on Friday.