Bitcoin Price Rebounds to $3,500; China Woe No More?

After Friday’s early freefall, bitcoin price is on an upward climb to gain over 7% in the last hour of trading the USD value of the cryptocurrency climbs back above $3,500.

Going by early indicators, the cryptocurrency market has already shrugged off the effects of the year’s second Chinese regulator-induced crash. Traders are rushing to buy in after the entire cryptocurrency market fell under $100 billion today, with bitcoin and the wider cryptocurrency market climbing once again to gain over $20 billion in an hour.

At the time of press, data from Coinmarketcap shows that bitcoin prices are actually up over a 24-hour period – despite hitting a 40-day low as trading price on Bitfinex fell to a low of $2,980 at 12:00 UTC. The rebound was immediate after bitcoin price hit its lowest point in over a month, to gain over $600 in under an hour.

Aside from bitcoin, the wider cryptocurrency market is also showing marked gains at Friday midday (UTC).