The Bitcoin price (BTC/USD) has rebounded after hitting a new 2018 low on Sunday.
The original cryptocurrency struggled in the morning portion of the session, with its price falling below the $6,000 mark for the first time since last November. The digital coin fell to as low as $5,826.41, which was its lowest price level since November 12. However, the coin experienced a sharp rebound in the afternoon, which allowed to return above the $6,000 level. Bitcoin managed to defend the gains throughout the remainder of the session, finishing the day at $6,173.23, slightly higher than its opening level of $6,164.28.
Bitcoin hasn’t made much further progress since the start of today’s session. At the moment, the Bitcoin price is seemingly stable, hovering around $6,175.
Brian Kelly, founder and chief executive officer of crypto investment firm BKCM, told CNBC on Friday that a combination of things, including tax sell-offs, exchange hacks and about $10 billion funding initial coin offerings (ICOs), had caused the coin to fall in price in recent months. He also commented on the Friday news that Japan’s financial watchdogs issued business improvement orders to six local crypto exchanges.
“Short run it's going to be a little tough, because they're stopping new accounts from coming in," Kelly said, as quoted by CNBC. However, he also argued that this would be a positive in the long run.
“They're cleaning up the system. They're making sure it's more robust. Making sure it's better for people," he said.
Kelly also believes that the current bear market does not mean that the cryptocurrency is “dead”.
“[B]ear markets, we don't know where they end," Kelly said. "It doesn't mean that bitcoin can't go lower. But this is by no means the funeral for bitcoin."
In today’s trading, the Bitcoin price stood at $6,176.83, as of 10:46 BST. The digital currency has gained 4.7% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap.
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