Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Bitcoin climbs above $400 as rebound continues

Published 10/14/2014, 07:32 AM
Updated 10/14/2014, 07:32 AM
Bitcoin climbs above the $400-level

Bitcoin climbs above the $400-level

Investing.com - Bitcoin prices reclaimed the key $400-level on Tuesday, as investors continued to snap up the virtual currency after prices fell to an 11-month low earlier in the month.

Bitcoin (BTC/USD) rose to a session high of $417.99 on Slovenia-based BitStamp earlier in the day, the strongest level since September 25.

Prices last traded at $406.48 during U.S. morning hours, up $16.51, or 4.23%. Bitcoin tumbled to an 11-month low of $275.00 on October 6.

The price of a bitcoin on Bulgaria-based BTC-e tacked on $12.32, or 3.21%, to trade at $396.62, while prices on Singapore-based itBit picked up $2.23, or 0.57%, to trade at $390.18.

According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency rallied 2.99% to trade at $400.01.

Prices of the virtual currency have recouped all of the losses suffered earlier in the month as investors returned to the market to seek cheap valuations.

A number of traders and market analysts attributed the recent slide to price manipulation by short-term profiteers who are deliberately driving prices down to eventually buy them back at lows.

Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) jumped €10.08, or 3.28%, to trade at €316.98 on U.S.-based Kraken Exchange.

Elsewhere, yuan-denominated Bitcoin prices edged up CNY66.05, or 2.78%, to trade at CNY2,443.92 yuan on Shanghai-based BTC China, while prices tacked on CNY61.85, or 2.6%, to trade at CNY2,444.72 on Beijing-based OK Coin.

Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.

Prices of the virtual currency are down nearly 45% from its June highs of $683, and roughly 70% below its all-time high near the $1,240-level hit in late November 2013.

Bitcoin’s market cap is down to just $4 billion, after peaking at $13.9 billion in December 2013, even as the virtual currency has been getting more popular with merchants and retailers in recent months, including PayPal, Expedia, Overstock.com and Dell.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.