Bitcoin bounces back from the Colonial Pipeline issue. Price spikes by 13%.
Bitcoin is now back up by $36,000 per coin.
Today, Bitcoin is up by 13% and trades over $36,000. The cryptocurrency recovered from a massive sell-off last Monday. This is after the news that US authorities recovered over $2 million in Bitcoin from the hackers who were responsible for the Colonial Pipeline ransomware attack.
Last month, Colonial Pipeline, the company responsible for providing the gas supply of the US East Coast, paid the hackers around $4.4 million in Bitcoin who took down their network and held the company on ransom.
Last Monday, the DOJ announced that the authorities had seized $2.3 million of the stolen funds. Speculation as to how the FBI has been able to recover the Bitcoin ran rampant. Because of that, the panicked market grew larger. Bitcoin’s price dropped by 10%, this is a fall in value that caused almost all the cryptocurrency to suffer. Around $200 billion has been wiped off the market.
However, Bitcoin, along with other cryptocurrencies are now up in the last 24 hours. This is perhaps aided by the positive developments in Latin America for the cryptocurrency. Recently, El Salvador recognized Bitcoin as its legal tender – this is a move that has geopolitical, and legal, implications in the world.
Ethereum was trading today at $2,551, up 7%, while Dogecoin was up by 6% standing at $0.33. Binance Coin trades at $365, it is an increase of around 8% in just 24 hours.
Bitcoin’s EPIC month
It has been a challenging month for Bitcoin and the crypto market. Last May 19, a day named “Black Wednesday,” Bitcoin crashed by 30% in only 24 hours and the whole market lost over $500 billion.
The coin struggled after Tesla CEO Elon Musk’s tweets criticized Bitcoin’s energy consumption and environmental effects. This was only days before and then continued to drop when China’s central bank and some Chinese payment firms announced that they will limit crypto transactions.
Bitcoin has been weak, testing over $40,000 in the previous month. This leads some analysts to wonder that a bear market has just entered. Now, it seems that the bulls have responded.
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