Bitcoin topped $48,000 over the weekend, its highest level since mid-May but pared some of those gains on Monday.
topped $48,000 over the weekend, its highest level since mid-May but pared some of those gains on Monday.
"I do believe this is the result of massive accumulation" when bitcoin was trading around $29,000 to $30,000, according to Vijay Ayyar, head of business development at cryptocurrency exchange Luno. The crypto market has faced a number of headwinds over the summer. One of the biggest was the renewed regulatory scrutiny on the industry from authorities in Chinaand move elsewhere. That was one of the biggest reasons for bitcoin dropping below the $30,000 level.
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