Bitcoin Price Today: Cryptocurrencies are on track to register some gains on Wednesday after a day of moderate price fluctuations. All popular cryptocurrencies are trading in the green today as sentiments seem to be improving despite high volatility.
Bitcoin Price Today
Bitcoin, the world’s most popular cryptocurrency, has rebounded after slipping on Tuesday evening. At 9:25 am, it was trading over 3 per cent higher in comparison to its price 24 hours ago. However, Bitcoin’s value continues to see high fluctuations due to China’s crackdown and Elon Musk’s recent comments. The popular currency is struggling to reclaim $40,000 due to high volatility.
Bitcoin price fell on Tuesday after initially rising in the morning as China’s northern region of Inner Mongolia escalated a campaign against cryptocurrency mining. It also published draft rules to stop the business, just days after Beijing vowed to crack down on Bitcoin mining and trading.
It may be noted that the Chinese crackdown on Bitcoin is the biggest reason behind the broad-based weakness in the crypto market at the moment. While China had already banned crypto exchanges in 2017, estimates suggest that the country accounts for as much as 70% of the global crypto supply. However, the crack down changes everything.
Bitcoin Price Today
Despite the Chinese crack down, Bitcoin and other popular cryptocurrencies have not encountered a complete meltdown, partly because of support from prominent backers like Tesla CEO Elon Musk, who has now softened his stance on virtual coins. While Bitcoin was struggling to touch $40,000, Ethereum (Ether) seems to be recovering quicker.
The second-most popular cryptocurrency has gained over eight per cent and is quickly inching towards $3,000, though it remains far away from the high it had reached earlier this month. All other popular cryptocurrencies like Ripple, Cardano, Stellar, Chainlink and Litecoin have gained on Wednesday.