- Bitcoin collapsed as low as $US7,700 on Friday before rebounding.
- The cryptocurrency is recovering on Saturday and rallying above $US9,000.
LONDON – Bitcoin is back above $US9,000 on Saturday after a wild Friday.
The cryptocurrency fell as low as $US7,700 on Friday, losing roughly 15% of its value at one point, before rebounding later in the session. Concerns have been building about regulation of cryptocurrencies and the role of cryptocurrency Tether in the market. Friday’s collapse began after bitcoin broke below the psychologically significant $US9,000 level.
Bitcoin has been hovering around the $US9,000 level for most of Saturday morning in Europe but is rallying as America begins to wake up. The cryptocurrency is up 6% to $US9,401.05 at 2.30 p.m. GMT (9.30 a.m. ET).
As usual, where bitcoin goes other cryptocurrencies follow and all of the 100 biggest cryptocurrencies are now in the green when measured over the last 24 hours, according to data provider CoinMarketCap.com.
Here’s how the other major cryptocurrencies are looking on Saturday afternoon:
- Ethereum is up 7% to $US987.64
- Litecoin is up 12% to $US147.34
- Ripple is up 11% to $US0.99
- Bitcoin Cash is up 6% to $US1,260.79
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