Bitcoin rallied slightly during the trading session on Wednesday, January 24, against the US dollar but continues to look very vulnerable to pressure. It is worth $10,995 as of Wednesday afternoon UK time, according to the Coinbase exchange.
The value of bitcoin plunged last week, amid concerns that trading was going to be banned in South Korea. It then stabilised briefly, before plunging again.
The volatile cryptocurrency hit a record high when it passed $19,850 in mid-December, but then tumbled rapidly, falling to below $12,000 within days.
Its value has shifted unpredictably ever since, with frequent wild drops and recoveries. However, it now appears to have stabilised, Reuters reports.
Its value is down more than 6 per cent from a week ago, down more than 22 per cent from a month ago, but up more than 1,115 per cent from a year ago.
The cryptocurrency’s value plummeted ahead of Christmas, dropping by almost $2,000 in just an hour at one point, and almost slipping below the $11,000 mark. It then bounced back, and then tumbled again in mid-January.
