Bitcoin prices rose by 10% to $36,500 after falling to a seven-month low, Report informs referring to the auction data.
On Binance, the largest cryptocurrency exchange in terms of trading volume, bitcoin has risen in price by 9.95% over the past day, to $36,531. On January 24, the price of bitcoin dropped below $33,000 for the first time since July 2021.
This is the eighth time since the launch of Bitcoin in 2009, when it fell by more than 50%, and the third time since 2018.
The main reason for the fall in the value of bitcoin was the analysts' belief that the US Federal Reserve will begin to tighten monetary policy and raise the base interest rate in the near future.