Home Market Bitcoin is holding on to modest gains after languishing near 2018 lows

Bitcoin is holding on to modest gains after languishing near 2018 lows


The price of bitcoin is hanging on to gains made in the early hours this morning after yesterday trading near its lowest point of the year.

According to Coindesk's aggregate index, bitcoin was trading at $6,874.44, up 3.84 per cent, at the time of writing. The digital currency's price slumped by a few hundred dollars in a matter of an hour yesterday, but it made a similar jump back up this morning.

Meanwhile, ethereum's ether token traded more than three per cent higher at $382.53, and Ripple's XRP was up more than two per cent at $0.49.

Read more: Could bitcoin climb back to $20,000 this year? Here's what the analysts say

The stabilising price came despite a fresh round of negative crypto headlines.

India's central bank banned banks from having links to virtual currency dealers, which did send prices on local exchanges lower. India's government has previously sought to stop the use of virtual currencies, which it considers illegal.

Pakistan's central bank also declared cryptocurrencies to be illegal in the country.

However, one previous critic of bitcoin may have changed his tune. According to Bloomberg reports, billionaire hedge fund veteran George Soros' family office is planning to trade cryptocurrencies. Not long ago in Davos, Soros said digital currencies were too volatile to act as actual currencies.

Read more: Bitcoin has slumped below $7,000 as cryptocurrency rout drags on


Please enter your comment!
Please enter your name here