On Monday afternoon, the price of bitcoin was able to rise back to more than $11,000 per coin during thin trading.
With the Americans celebrating the Presidents’ Day, trade was quieter than usual. However, that has not stopped the investors from buying into the cryptocurrency as it proceeds to bounce back from recent lows.
Bitcoin was trading at $11,139 by 3.50 p.m. GMT (10.50 a.m. ET)— up by around 7 percent from its previous close.
Bitcoin lost over half its value between the period of November and late January. However, it has staged a strong rally over the past week or so, appreciating from about $8,000 on the 13th of February to over $11,000 on Monday.
In an email, a senior market analyst at trading platform eToro, Mati Greenspan, stated: “This recovery is being led and carried primarily by Japan.
“Traders in the land of the rising sun are no fools. They allowed the prices to drop when it got to the top, and now they’re buying up the bottom.
“The crypto market is also celebrating some positive updates from Europe, of all places. The European banks have been notoriously harsh on Bitcoins and everything Blockchain. Over the weekend the Swiss government has come out with some clear-cut groundbreaking regulations on how to handle ICOs.”
In the cryptocurrency space, it emerged that the central bank of Poland has paid some YouTube stars to talk down on cryptocurrencies.
According to the Business Insider Poland, the Narodowy Bank Polski (NFB) spent approximately 91,000 zloty (£19,430; $27,300) on a marketing campaign that is designed to slam the legitimacy of cryptocurrencies. The money was spent on various platforms including Facebook and Google. It was also used to pay a Gamellon, a Polish Youtube partner network.
Reportedly, the Gamellon network represents many of the top YouTubers of Poland, including Marcin Dubiel, a popular prankster.
Last December, Dubiel published a video that is entitled “STRACIŁEM WSZYSTKIE PIENIĄDZE?!” — which translates loosely as “I LOST ALL MY MONEY?!”