The Price Bitcoin is Recovering Back Towards $9,000

The price of bitcoin is heading back up towards the $9,000 mark after the world’s biggest cryptocurrency experienced a tough start to the year.

The price of the digital currency swung back and forth over the weekend. On Saturday, it temporarily rose above $9,000 before dropping back below the $8,000 mark yesterday morning.

According to the aggregate index of Coindesk, at around noon today, the price of bitcoin was up by 8.22 percent at $8,734.52.

The price of the notably volatile asset was seen plunging from its all-time high of almost $20,000 at the end of last year, and in January, it experienced its largest monthly loss since 2015.

Some regulators have intensified scrutiny of bitcoin in 2018. Last week, Virgin Money and Lloyds became the first banks in the United Kingdom to ban purchases of bitcoin using their credit cards.

Read more: Bitcoin and Other Cryptocurrency Credit Card Purchases Banned by Lloyds Bank

Some world leaders are concerned that bitcoin and other cryptocurrencies are being utilised in crimes that include money laundering. However, it has now also emerged that some hackers are targeting some government websites in order to mine or produce, bitcoin.

Government websites in the United States and the United Kingdom, including those that are belonging to the Student Loans Company and the data regulator, have been taken offline following the discovery of a security researcher that malware was being utilised to mine cryptocurrencies illegally.