Bitcoin approaches $3,750

Bitcoin continued trading with significant gains on Friday, coming close to $3,750 and reversing its earlier losses in a tumultuous trading session. The cryptocurrency recovered from a daily low of $2,980.4, with volatility standing at 97.42% over the last month. Some analysts believe the cryptocurrency will likely consolidate in the range of $3,100 to $3,600.

The digital currency rallied 14.06% to $3,691 minutes after crossing $3,740 and gained 16.69% against the euro to trade at 3,200. Bitcoin was up by 21.56% to 22,020 Chinese yuan despite recent news that the authorities are planning to shut down all trading exchanges in the country. Meanwhile, bitcoin cash rose 10.48% to $427.31.

Baha Breaking News (BBN) / IB