The price of Bitcoin, from all indications, seems to have found a bottom after depreciating by close to 70% since December highs.
Bitcoin, the world's most famous crypto coin, suffered a massive drop in January after it had hit an all-time high of $20,000 in mid-December. By early February, Bitcoin was trading around $6,000, as crypto investors sold off their coins following talks of a ban in Asia and Facebook's clampdown on crypto ads.
The questions on hodlers' minds as Bitcoin continued depreciating were: "how long will this go on?" and "what is the bottom price?"
From the look of things, Bitcoin is stabilizing. A U.S. Senate committee hearing on Tuesday turned out favorable for Bitcoin and it bounced back up.
The next day Bitcoin climbed up to $7,500. Since then it has been on a steady rise with as little volatility as possible.
Bitcoin seems to have found a bottom. The shock of the ban on crypto ads by Facebook has worn off and headlines about Asian governments' bans are ebbing. Implementation of Lightning on the network seems closer. Everything looks good at the moment.
The heavy slump from $20,000 saw financial bigwigs proclaim that the Bitcoin bubble has finally burst but it seems they passed judgment too quickly.
This bubble is set to reinflate.