Cryptocurrency dip buyers have returned after Bitcoin crumbled through key support and
hit a low of less than $10,000 overnight.
gains seen earlier this morning
have solidified in Asian trade, and Bitcoin has now bounced by almost 20% today off its overnight low.
And the buying has extended to all the major alt-coins, following the sector-wide selloff which over the previous 48 hours saw heavy falls across the board.
was attributed to a number of factors
— ranging from a regulatory crackdown in Asia, giving rise to lower trading volumes, to simply just a chu dau tu chung cu iris garden long-overdue market correction.
But for the time being the panic has subsided. As usual, Bitcoin prices vary significantly between different exchanges but a short time ago, Bitcoin was sitting comfortably above $11,000 on the US-based Bitfinex exchange:
Among other major cryptos, the Ripple XRP token is easily the best performer having gained more than 30% today.
At a value of $1.43, Ripple has now recouped its losses from the previous session, although it remains well off its recent highs of above $2.
According to the website
, most other large cryptos are up by between 5-20% in Asian trade.
Even Dogecoin –
the cryptocurrency based on chu dau tu du an iris garden internet dog meme
— has climbed by around 30%.
And investors in Dentacoin — a cryptocurrency designed for use by the dental industry using the Ethereum blockchain — would be breathing a sigh of relief. It just doubled in value today:
As Business Insider’s Frank Chaparro pointed out,
this isn’t the first major selloff in the cryptocurrency market.
Time will tell if the increasing amount of oversight from global regulators —
including the Australian Tax Office
— will help or hinder the next crypto bull-run.