Bitcoin jumped more than 4% to $36,436 on Monday reversing a bearish sell-off that left many investors nervously anticipating a further drop this morning.
The jump up is starkly different to the mood earlier this morning where over $100 billion in value was wiped off the crypto market in 24 hours after the coin’s value fell below the $33,000 mark, sparking fears the coin would plunge even further.
Bitcoin, ether and the broader crypto market faced another wave of selling Monday, with Bitcoin dropping more than $10,000 between Friday and Monday, reaching as low as $32,184, according to CoinMarketCap’s price index.
The losses mean the world’s most valuable cryptocurrency is now worth less than half the record peak it experienced in November.
The coin still has a far way to go to reach its November high of $70,000.
This is a developing story. Stay tuned.