If you're a Bitcoin hodler maybe you noticed the massive drop last week? On the China news it may have felt like the end of cryptocurrency dominance forever.

Bitcoin plunged as low as $2,951.15 on Friday, which also happened to be the lowest level it has reached since the beginning of August. In percentage terms it lost around 14.7 percent last week alone.

And now for a bit of good news! Bitcoin has recovered more than 34 percent and traded at $3,968.37 per bitcoin Monday morning, although it has quite a ways to go to return to its high of $4,950.

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So why has it recovered so rapidly?

I think that its primarily due to the fact that all the FUD spread last week was market manipulation trying to get one over on mainstream to plunge the price and grab cheap bitcoins.

The bitcoin market can also credit its recovery to the fact that investors are now starting to realize that it doesn't need China's market to continue its epic rise to greatness. What do you think about all the FUD spread around Bitcoin and altcoins last week? Do you think we will see a nice recovery and a steady climb through the rest of the year?

Please leave comments and feedback below.

Thanks for reading!

Source:

Bitcoin price bounces back by nearly $1,000 as market moves on from recent drama - CNBC