Bitcoin has slipped back down into four figures after it reached over £10,000 yesterday on the back of a potential easing of imminent regulatory clampdowns.
Despite the pullback from a 16-day high of $10,293.44, the cryptocurrency is still up 1.56% on a 24-hour basis, according to data source CoinMarketCap. As of writing, CoinDesk's Bitcoin Price Index (BPI) is seen at $9,757.49.
Since the February 6 low around $6,116 - a correction that saw bitcoin lose 69.5% of its value from the all-time high - the cryptocurrency has slowly gained altitude despite all the talk of strict trading conditions.
Chinese holiday lull
Analysts have been predicting a bull run with the digital currency and Thomas Lee, managing partner at Fundstrat Global Advisors, said on Thursday that there will be a new record peak for bitcoin by July, based on the currency’s 22 corrections since 2010.
Coindesk, however, predicted that bitcoin could take a beating or move in a sideways manner during the Chinese holiday lull and that the chart analysis suggested that a continued rally above $10,000 may not have legs.
Other digital currencies were also down after posting steep losses over the past few weeks. Ethereum, the second-largest by market value, was down 1% at $924.92, while the third-largest, Ripple, was down 0.12% to $1.12, according to cryptocurrency price tracker coinmarketcap.com.