FILE PHOTO: A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo

Bitcoin shoots up $1000 as market recovers

After a massive drop, Bitcoin is making a huge recovery. Bitcoin recovered 34 percent from last Friday, where Bitcoin was being traded at around $2,900. This was Bitcoin’s lowest price since August.

Bitcoin lost about 14.7 percent in value last week, a sharp drop from its’ high of $5,000 in September. Multiple things have contributed to this drop. China banned ICOs and is planning on increasing Cryptocurrency regulation. Jamie DImon, CEO of JP Morgan also talked down Bitcoin, called it a scam and compared it to the tulip bulb mania of the 17th century.

The market is recovering as investors realize China does not dominate the market any longer. “The market is realizing that it doesn’t really matter what happens in China anymore, the exchanges based there no longer dominate trading activity and more mature liquidity from institutional players in Japan, Korea and Europe is providing a boost to this next bull cycle,” said CEO of Gatecoin, Aurelien Menant.

“It’s also important to remember that the crackdown in China was targeting the activities of the local exchanges for not complying with the Chinese financial regulatory environment and not a crackdown on bitcoin and blockchain technologies.”

Bitcoin is still up 293 percent since the start of the year and it seems like that figure is going to continue to increase. China is not necessarily needed to keep the price moving upward and once China joins back in, we will see another huge jump in price.

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