Bitcoin has recovered to $11,000 today on Monday. The price has almost doubled after a nose dive fall to $6,000 earlier this month.
Not sure who that big buyer was but many have bought this dip and have added since the rebound and additional regulatory clarity in the US and Asia,” Alex Sunnarborg, founding partner of Tetras Capital spoke to Marketwatch.
Although all digital currencies remain an un-certain, risky asset. On Monday, more than 80 percent of cryptocurrencies from Coinmarketcap’s 100 list are trading higher.
“Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time. If you’re trying to figure out where to store your life savings, traditional assets are still your safest bet,” Buterin wrote on Twitter.
The price recovery is also because an unknown, mystery investor has bought Bitcoins worth $344 million. This puts Bitcoin on a price recovery path as it had a terrible start to the year.
“Not sure who that big buyer was, but many have bought this dip and have added since the rebound and additional regulatory clarity in the US and Asia,” Alex Sunnarborg, a founding partner of hedge fund Tetras Capital – Market Watch Report