On Feb 25th, Bitcoin prices reached to its lowest at $400, but are showing recovery at present despite the Mt. Gox’s shutdown
ForexMinute.com – With Japanese Bitcoin Exchange Mt. Gox’s shutdown sending cold shivers to the Cryptocurrency communities, these past few days have seen huge price drops in almost every virtual currency, provided with utmost negativity. Although today, the market sentiment showed a little resilience to the expected downfall of Bitcoins, when the currency’s prices showed unforeseen recovery by touching the altitude of over $600, though tumbling most of the time.
This recovery might also be the best opportunity for those who want to buy the virtual Cryptocurrency in cheap. Bitcoins have previously seen a similar fall post some negative rumors in September, but has extensively recovered. Investors can thus take advantage of this situation, which will further put people’s faith in Bitcoins yet again. Apart from Mt. Gox, there have not been a single other exchange that has faced the similar problem.
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And indeed, today’s recovery somehow suggested that the investors are ready to move on from the unfortunate events; at least to save Bitcoins from an embarrassing extinction. Despite of the fact that investors have lost a lot of money to Mt. Gox, the Japanese exchange has yet released a statement of returning after a month with a new, re-branded avatar. The hopes are thus still on for investors to recover the hefty sums they have lost.
Meanwhile, other exchanges are catching up the market with better security options for investors, such as cold storage wallets. All Bitcoin market need now is a positive atmosphere as it was not the currency being hacked, but the transactions that were irresponsibly done. Ever heard the ban on dollars, if the wallet has been stolen. The case is quite the same, the sentiment is not.
To contact the reporter of the story: Jonathan Millet at john@forexminute.com
