Investing.com – Bitcoin bounced back from losses sustained in the previous session, rising above $4,000 on Wednesday as it seeks to resume its recovery in the wake of China’s ban on local cryptocurrency exchanges.
On the U.S.-based Bitfinex exchange, bitcoin rose to $3977, up $84.8, or 2.18%. Bitcoin is more than 25% below its recent peak of $4,969 with a market cap of about $67 billion.
Nearly a week since Bitcoin suffered one its worst crashes in its nine-year history after Chinese authorities ordered all Bitcoin exchanges in Beijing and Shanghai to submit plans for winding down their operations by 20 September, the popular cryptocurrency is well on its way to paring losses.
The recovery in Bitcoin comes as investors downplayed the fallout of the China ‘ban’ on global bitcoin trading activity. The Chinese bitcoin exchange market only accounted for approximately 10-13% percent of global bitcoin trading activity so far this year.
Bitcoin Cash, however, bucked the broader trend higher in cryptocurrencies, falling 6.38% to $497.10.
Ethereum lost 4.62% to $283.08 while DASH/USD added 5.54% to $343.