Bitcoin prices jump 10% in one day to $10,780 on the Luxembourg-based cryptocurrency exchange BitStamp on Saturday. The prices had closed $10,196 on Friday on the Bitstamp. The prices have been on upward swing for past few days. The ascent commenced on February 13 when bitcoin price was $8,523. It further jumped to $9,491 a day later. On February 15, the cryptocurrency rose to $10,018, and finally to $10,196 on February 16, posting a gain of 20% in three days. The Saturday's price rise took the flight of jump to 27%
In past one month, the bitcoin prices have closed above $10,00 for atleast 17 days, making it the new normal. Also, there have been on atleast a dozen occasions that the bitcoin prices closed above $11,000 in past one month on BitStamp.
This happened despite the intense pressure under which the cryptocurrency prices have stayed on account of crackdown by the banks and governments.
Early this month, four major banks that include Bank of America, Citi Bank, JP Morgan and Lloyds, restrained their customers from buying the cryptocurrency via credit cards. Later, Citi Bank extended the ban to debit cards also.
Following this, the bitcoin prices had hit a road bump so much so that the prices had fallen below $6,000, shedding 65% of value in just a month, taking the value to its two-and-a-half-month low.
In Indian cryptocurrency market, bitcoin can be bought for Rs 7,10,000 while the selling price is slightly lower at Rs 6,96,500.
With the prices again hitting above $10,000 and above Rs 7 lakh in Indian markets, the traders are upbeat again, hoping the revival in the blockchain market.
It is noteworthy that bitcoin had hit its peak to round $20,000 in December last year, but then it fell drastically on a spate of negative news relating to regulatory crackdown, theft, some countries bracing to ban the currency, banks dissuading customers from using its payment gateways to buy them, among other factors.