LONDON — The price of Bitcoin is surging on Monday after a week in which it lost more than $1,000 in value and dropped below $3,000 per coin for the first time in over a month.
Bitcoin collapsed spectacularly last week as news of a regulatory crackdown in China broke. The cryptocurrency dropped 16% against the dollar on Thursday after Chinese media reported that the country’s regulators were moving closer to shutting down exchanges.
But Bitcoin is now surging again. By 9.00 a.m. BST (4.00 a.m. ET), Bitcoin is up by more than 6% against the dollar — its key pairing in the currency markets — to trade at $3,950 per coin, just below the psychologically significant $4,000 mark, as the chart below illustrates: