Bitcoin Bounces Back After Crash

Bitcoin bounced back after a huge crash last week as countries around the world are stepping up efforts to rein in the frenzy.

On Bithumb, the largest cryptocurrency exchange in Korea, Bitcoin rose over W10 million on Sunday afternoon and was still selling for W9.55 million as of 10 p.m. (US$1=W1,085). That was up 24 percent from the trough of W7.68 million last Friday and meant another field day for speculators.

The second-biggest cryptocurrency, Ethereum, plunged to W740,000 on Friday but recovered 32 percent to W978,000, on Sunday. And Ripple, the third largest, soared 48 percent from W655 to W970.

But according to Coindesk, which compiles prices of cryptocurrencies in the U.S., Bitcoin only rose eight percent from US$8,064 to $8,739, and Ethereum six percent from $827 to $884.

As prices plummeted amid the blind panic, others clearly stepped in to capitalize on the bargain over the weekend.

The future of cryptocurrencies remains uncertain. Overall prices are already 70 percent lower than the peak a month ago as global financial authorities tighten their grip.

Major finance groups in the U.S. including JP Morgan Chase, Bank of America and Citigroup banned credit-card purchases of cryptocurrencies last Friday, according to CNBC. U.S. finance authorities also advised banks to be cautious in lending to customers who are trying to get loans to buy cryptocurrencies.