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Bitcoin Price Recovery Hits $2,800 on Wednesday

Last Updated March 4, 2021 4:57 PM
Samburaj Das
Last Updated March 4, 2021 4:57 PM

Bitcoin price is continuing its recovery in yet another day of gains as trading on several exchanges scaled near or beyond $2,800.

Six days after falling to a monthly low near $2,100, bitcoin price on a global average reached a high of $2,795.34, taking into account the premiums in major Asian trading markets. On Bitstamp, price reached a high of $2,789 around 06:00 UTC.

At the time of press, the price of bitcoin on Bitstamp is $2,719.47 following a rebound after dropping to a low of $2,630 on the day.

Last week’s fall, which saw widespread losses across the crypto ecosystem, was characterized by bitcoin expert and evangelist Andreas Antonopoulos as a corrective movement toward a sustainable price trend following a frenetic to $3,000. “We’re returning to more sustainable price levels for all cryptos,” wrote  Antonopoulos. “In the process of reverting to the long term trendline, we will undershoot.”

In contrasting views, South Korean officials pointed to speculative markets as the cause behind the rapid surge in cryptocurrency prices, led by ICO offerings which have grown in popularity these past few months. The officials met on Sunday as a part of the Korea’s digital currency task force, established in November 2016 to plan a regulatory roadmap for digital currencies in the country.

Meanwhile, the trading markets of China and Korea, the world’s second- and third-largest markets behind the US, continue to show significant premiums. Bitcoin is being traded at over $3,000 per coin in Korea, while the spread between US and Chinese markets is also growing.

Bitcoin’s Comeback

Bitcoin’s midweek gains have notably come on the back of marked losses by a number of other cryptocurrencies.

Data from CoinmarketCap shows a notable sell-off of ether into bitcoin at prominent cryptocurrency exchange Poloniex. The same exchange also shows trades out of Litecoin and Ripple’s XRP token into Bitcoin.

As reported by CCN.com earlier this week, the upward trend is explained by notable bitcoin traders Tony Vays as par for the course during an ongoing pull-back, pointing to a plausible rise in bitcoin prices toward $3,100, which would be a new all-time high.

Featured image from Shutterstock.