Bitcoin Suddenly Jumps 7 Percent, Leaving Bears in Disbelief

Bitcoin Suddenly Jumps 7 Percent, Leaving Bears in Disbelief

The Bitcoin price has managed to stage a sudden recovery after coming awfully close to losing the $40,000 support.The benchmark cryptocurrency jumped to an intraday high of $43,780, recovering more than 7% in less than two hours.

As reported by U.Today, crypto exchange Huobi announced that it would block all of its existing Chinese users by the end of 2021 after it stopped accepting new customers from mainland China yesterday. The bearish news made Bitcoin slide to an intraday low of $40,808, but buyers quickly stepped in to save the day.The volatile Sunday will cap off a turbulent week for the leading cryptocurrency. On Monday, Bitcoin shed almost 8% after property giant Evergrande’s debt crisis roiled global markets.After shedding a substantial portion of losses by Tuesday, the crypto king plunged ever further on Friday after China intensified its clampdown on crypto trading and the local crypto mining industry.

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