The Bitcoin Rally Is Back [Bloomberg Business News]
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Source: Bloomberg Business News
By Camila Russo Cryptocurrency has soared more than 20% from Friday’s low Rally seen as confidence in autonomy from government control The bitcoin rally is proving hard to stop. The cryptocurrency has breached $4,000, soaring more than 20 percent from the lows reached Friday, as concern eases that a crackdown by Chinese regulators will hinder the growth of the alternative method of exchange. After reaching a record high of $4,921 on Sept. 1, the digital currency fell as low as $2,975 on Sept. 15. Prices are rebounding because traders in China are likely to switch to alternative exchanges or seek loopholes in the regulation, said Peter Van Valkenburgh, director of research at Coin Center, a Washington-based nonprofit research firm focusing on cryptocurrencies. “The efficacy of any bitcoin ban is pretty dubious,” said Van Valkenburgh. “It’s bullish because if a powerfu
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