Two weeks ago when reports flashed that China is going to implicate all those restrictions on the businesses of bitcoin trading, the ecosystem of bitcoin market took a huge hit. The value of bitcoin crashed like never before. For example The CoinDesk Bitcoin Price Index displayed that bitcoin trading dropped down as low as $422 around last month, when BTC China (largest bitcoin trading service) refused to accept any deposits in their national currency in order to finding a new payment processor for business prospective.
But things have taken a huge turnaround since then. After the Bitcoin suffered that extreme crash its value recovered in an amazing way. According to the latest CoinDesk’s index, the average of bitcoin trading values from three global exchanges (not including BTC China), shows the bitcoin value at about $755. In less than just two weeks the bitcoin value has increased by 79 percent.
BTC China still isn’t accepting new deposits, so the virtual currency is still trading a bit lower at about $723, although recovery is in the process during this two week. Bitcoin currency is getting more popular day by day. BTC China regulated their bitcoin trading service in order to stop the users from fleeing, which somewhat affecting the price a bit.
BTC China CEO Bobby Lee said that they were still searching for a way to take new deposits and keep his exchange afloat, outlining some changes to the exchange.
They strongly believe that the regulations will develop The Bitcoin market in a more steady approach in China and will help to keep the volatility of price under control.
Whether the regulations will help or not, the future will say. But some people think that the volatility in price is a benefit for a more normal approval of bitcoin as a virtual currency.