No one in the crypto trading and investing world wants to remember last week – time when the Bitcoin price was in a market correction falling down below $6,000 in numbers that no one would have guessed.
However, this week Bitcoin has been rising which gave the hopes up to many investors. The recovery happened this week and by February 7th, Bitcoin surged to $8,000 on the crypto exchange Bitfinex. Despite the price movements over the past couple of days, it has held above the mark since.
It appears that $8,000 is something like a base for the leading cryptocurrency. Bitcoin has stabilized at the point and could not break through $9,000 despite the brief period of trying on February 10th. Currently, Bitcoin is trading somewhere over $8,857 which is in line with the global average.
One reason for the recovery of Bitcoin lies in the so-called “Kimchi Premium” that is a moderate premium at South Korean exchanges, which rose in terms of value on Western exchanges (after disappearing at the beginning of February because of the implementation of new restrictions intended to cool the heated markets.)
At the time of writing, many exchanges price Bitcoin above $9,000 which may be an indicator for the new price of Bitcoin. Let’s just hope the leading cryptocurrency is on its way back to five-digit numbers.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]