Bitcoin’s price on Monday dropped in the middle of its rally to recovery. It posted $6,558 at 1:00 a.m. EST, its lowest rate in six months.
The biggest cryptocurrency, however, showed resiliency as it reached $7,100 hours after hitting a six-month low on Monday. Bitcoin last peaked on July 9 and since then, its prices have fell more than 45%.
Weeks ago, bitcoin hit more than double its price, its highest for the year at around $8,500.
“China has been the catalyst for the major moves and swings in the bitcoin,” Mohamed Zidan, chief market strategist for ThinkMarkets in Dubai said.
“The last rally was because Chinese president declared his plans about increasing the investment in blockchain technology and digital yuan.”
“President Xi’s comments on blockchain technology and its importance for China sparked a pretty significant rally,” Lennon Sweeting, director of institutional trading with Coinsquare Capital Markets said.
Bitcoin, however, remains far from its all-time high of almost $20,000 in December 2017. It recently celebrated its 11th anniversary.