Business Special Reports UK World

Bitcoin Bounces Back After Losing a Third of its Value in 4 days

Bitcoin surged on Monday, recovering more than $1,000 after losing almost a third of its value in less than four days as traders bought back into the volatile cryptocurrency.

Bitcoin tumbled in the second half of last week, falling as low as $5,555 on the Luxembourg-based Bitstamp exchange on Sunday, a slide of almost 30 percent from a record high just shy of $7,900 on Wednesday.

It rebounded on Monday, trading up more than 14 percent on the day at $6,718, though that was still more than $1,000 less than last week’s record high.

the fall had been driven by a decision on Wednesday to abandon a planned software upgrade that could have split the cryptocurrency in a so-called “fork” – a move that had initially had a positive impact on the digital coin, sending it to a record high of $7,888 on the view that this marked a resolution of a long-term dispute.

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