Bitcoin stabilizes around $3,670

Bitcoin's price hovered around the $3,670-mark on Sunday after a highly volatile trading session on Friday during which it rose more than $800 between the daily low and high.

The recovery comes following sharp drops in prices earlier this week on news that Chinese authorities shut down all bitcoin exchanges in the country. BTCC exchange announced it will cease trading by the end of this month, while OKCoin and Huobi are expected to close at the end of October.

Bitcoin traded 0.15% lower at $3,676 and eased 0.45% against the euro to sell for 3,113. The cryptocurrency was 1.18% higher compared to the Chinese yuan, trading at 21,450, while bitcoin cash slipped 1.6% to $436.18.

Baha Breaking News (BBN) / IB